LLC's and EIN numbers

Tammy,

You will need an EIN number and legal zoom will get one for you or you can do it yourself. That will be your business's identifying number with the IRS for tax returns etc. I have had legal zoom get one for me which took several weeks and I have also done it myself from the IRS website which is much faster. Hope this helps. Much success to you.

Denese

I guess I now know which way to go. Thanks, Tammy

Your LLC is assigned a EIN number? Why do you need an LLC?

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

LLCs are formed at the state level (usually thru the Secretary of State) since states control the creation of entities for business. The EIN is an IRS controlled number that must be applied for separately as this is a Federal government controlled process.

EIN set up can be completed online for free at:

https://sa1.www4.irs.gov/modiein/individual/index.jsp

Legalzoom can do this (apply for EIN) but they charge for the service.

There's that freakin' accoutant coming at again! (lol).

Once you create your LLC, you are assigned a EIN #. Its like your business SS#. You can go through a RE Attorney, or go to Legal Zoom to set it up. Whats nice is there are tax advantages to this also. You can also write off the costs of setting your LLC up as a business expense.

Everyone!

Tammy,

Just to be clear, you do not automatically get a Federal EIN (Employee Identification Number) when setting up a State LLC. However your LLC will need an EIN once you do establish the LLC.

Most businesses that assist you in setting up your LLC (for a fee) will also offer to secure your EIN (for another fee). Some have posted that you can secure this online at the IRS.gov website and I will have to look into that. A few years back I received an EIN by visiting my local IRS office for a completely unrelated business venture, and it took less than 15 minutes in and out. (I will have to try TrustPoint's website to try to establish my EIN for my new LLC).

Great question; I hope this discussion helps others also.

If it is to be, it is up to me. -- Anon

--Walter

I have applied for my LLC and it has been approved. I will be receiving it within 10 business days as of last Thursday. I talked with them on the phone a couple of times and asked the same question. As Bill and Denese stated, you can get it yourself and it's much faster. Legalzoom told me that they would do it, but it would take longer than doing it myself. You are not automatically assigned an EIN when you get your LLC.
Shirley

Following Bill's post (and my visit to IRS.gov), you cannot obtain an EIN on a Sunday....go figure. And per the IRS website, they limit how many EIN's they will issue in a given day. These IRS guys are funny, eh?

Well I have visited the IRS website and I am so glad that I did not have the company that helped me establish my LLC just last week also obtain my EIN. Oh they offered to do that of course, for a higher fee than the $49 I paid for them to establish my Texas LLC.

Glad I saved my money and I will get my own EIN tomorrow morning, thank you very much.

--Walter

'If it is to be, it is up to me' -- Anon

I just went ahead and did it through Legal zoom, probably paying through the nose. It's just money!

Tammy,

So you used Legal Zoom for your LLC, but did you also have them secure your EIN for you too? Both Bill's (TrustPoint) link and my reference to the IRS.gov website show you how to obtain your EIN for free. Bill's link takes you to the specific IRS page; if you just go to the website as I indicated you have to 'click' another link to go to the IRS page to obtain your EIN online (during the hours of 7 am - 10 pm EDT) Monday through Friday (I guess the government employees need a little time off also.

Saved myself $35 by getting my EIN myself (okay, actually that will be tomorrow morning, but still.....) vs. having the company that helped me get my LLC do it for me. I knew it was not difficult to do, as I stated in an earlier post I walked into an IRS office a few years back and got an EIN number in less than 15 minutes. Now you can complete the form online and get one instantly with just a few clicks of a mouse.

I used Incfile.com for establishing my LLC; the cost was $49 more than the (Texas) State fees of $305. So for my first LLC, and for what I think is a very reasonable fee ($49), I let them file and create my LLC. I am having a very good friend serve as my Registered Agent for the LLC.

To everyone's success.
--Walter

'If it is to be, it is up to me'. --Anon

Bill, thank you for providing the link to the IRS webpage for obtaining an EIN. If one does not follow your link, it is just as easy to go to the IRS.gov web page and 'click' the link under the 3rd column, which is titled TOOLS. Here they have a link to: APPLY FOR AN EIN ONLINE.

It takes less than 2 minutes to complete, as the link opens up a webpage and you simply begin answering a few questions. At the end of the session you will be able to print your IRS EIN number letter, confirming that you now have an EIN. If you do not have access to a printer, you can also have the IRS mail the same letter to you (but you must allow up to four (4) weeks mailing time {so they say}. Either way, you still get the number itself instantly.

Now with my entity (LLC) and my EIN, I am able to gain access to DG's Insiders Cash Hard Money Lender!! Woooot woooot!! This is significant as I now have access to a tremendous line of credit for either transaction funding, rehab loans or rental 2 year loans!! Thank you Dean Graziosi!!!

Everything is falling into place and I am going to make this work. Here is to everyone's success!

--Walter

"If it is to be, it is up to me" -Anon

EIN's just take a couple of minutes to type the information in on the IRS website. Why would you pay someone else to do this for you? Then you have to wait for them to get you the information before you can use it. You are wasting both time and money.

If I remember correctly, I formed our LLC first, then registered the LLC with an EIN number after my LLC was formed. I did it all myself and was pretty painless for my county at least.

I'll go out and evaluate deals, lock them up and either assign them or sell them for you for a 'fee', that way you NEVER have do anything other than computer work.

I'll even stop while I'm out and about and bring you some lunch

You are awesome. Okay, I guess I didn't research enough and paid too much. BTW, I am making an offer hopefully today or tomorrow, but you could still get me lunch!

Dominic,

You are absolutely right; first you form your entity (i.e. the LLC or whatever form entity you want {S-corp, C-corp; etc.}) and then you go to the IRS website and obtain an EIN (Employer Identification Number) for that entity.

It really is a very simple straight forward process and getting my EIN yesterday morning took less than 2 minutes. Now I have that along with my LLC documents so that entity is ready to roll.

Still waiting to hear back from the banks on a couple of REO offers that I have out there as an individual. To each of our continued success!

--Walter

"If it is to be, it is up to me". -Anon

My thanks go to all who have cleared the doubts of some minds on the above subject.

I was about to tell Tammy the same thing!! LOL