How to get Tax ID?

12 Replies

My attorney created an LLC for me. When I went to the bank to create an account, I was advised that they would need a tax ID for my LLC. I called the IRS, but could not get through. Please let me know what my next step would be to get a tax ID for my LLC.

-Dinesh.

https://www.irs.gov/Businesses/Small-Businesses-&-...)-Online

it's very quick, let me know if you need help- do it online as that is the fastest way

Originally posted by @Justin F. :

https://www.irs.gov/Businesses/Small-Businesses-&-...)-Online

it's very quick, let me know if you need help- do it online as that is the fastest way

 Thanks Justin. Very helpful & I was done in less than 10 minutes.

-Dinesh.

no worries.. got to look out for my malu's

I hope you incorporated in Delaware

No I incorporated in Connecticut as I live here. I have heard that Delaware is more friendly. Hopefully Connecticut was not a bad choice.

-Dinesh.

An EIN (tax ID) from the IRS is free and can be done directly on their website.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

Originally posted by @Jacqueline Carrington :

An EIN (tax ID) from the IRS is free and can be done directly on their website.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

 Thanks Jacqueline.

Also Delaware is a lot friendlier as the cost of starting is your business will be less than what it costs to start in Connecticut. @Dinesh T.

Wait, am I getting this correctly? I could/should have set up my LLC through Delaware? Anyone care to explain the benefits of this arrangement?

Originally posted by @Benjamin Morris :

Wait, am I getting this correctly? I could/should have set up my LLC through Delaware? Anyone care to explain the benefits of this arrangement?

Any such benefits are dubious, at best. Consult your accountant.

In which ever state your entity does business it must be registered in that state and will be governed by the laws of that state first, not the state where it was first registered.

At the Federal level, however, there may be some benefits. Again, consult a financial professional - I'm not one.

Your LLC needs to exist in whatever state it does business in. For example, if you incorporate in Delaware but buy in Connecticut you would still have to register it to operate in Connecticut. There is a lot of hype about Delaware, but unless you are doing big things it is probably more paperwork and cost with little to no benefit.

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