Do I need a EIN in order to open a bank account in the name of an LLC of which I am the sole member?
Your sole member LLC has the option of being disregarded for the purposes of taxation, so that you can use your own Social Security number as the taxpayer identification number of the LLC. You may need to get a separate Employer ID number for the LLC, though, if you have any employees.
If you open deposit accounts for the LLC, you will have to provide the proper taxpayer ID number for the entity. As noted, that will often be your Social Security number, and the financial institution should be aware of that possibility.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Your sole member LLC has the option of being disregarded for the purposes of taxation, so that you can use your own Social Security number as the taxpayer identification number of the LLC. You may need to get a separate Employer ID number for the LLC, though, if you have any employees.