LLC Bank Account
I'm setting up an LLC. I am the only member of the LLC. I am going to set up a bank account for the LLC. I have the option of supplying the bank with my social security number, or getting an EIN (Employer Identification Number) from the US Gov't and supplying that. Any thoughts on which one to use? It seems easier to use my SSN, but I also want to distance myself somewhat from the LLC for liability reasons. If I use my SSN, it is pretty obvious that the LLC is personally connected to me. Am I worrying about nothing? Would anyone suing the LLC over a liability issue check to see how the LLC bank account is registered?
[ Edited by wcarr01 on Date 02/05/2004 ][ Edited by wcarr01 on Date 02/05/2004 ]
EIN's are easy as pie. Just go to www.IRS.com and get a copy of SS4 form and fill it out and call the IRS number and they will assign a number in minutes.
Good LUCK and Thank You
Hope this helps some
Ted Jr
You have set up an LLC. You have elected to be taxed as an individual.
The protection the LLC affords you is the same whether you elect to be taxed as an individual, a partnership, or a corporation.
Everyones SSI is in the possession of hundreds -if not thousands of prying eyes. I'd rather get a new EIN to start out fresh.
Without complicating it so much,
I would get then use EIN rather then my SS. Good luck with your business thou. Getting LLC is the easiest part.