I own a building that I just inherited. I want to have the building titled in the name of an LLC in order to protect me from personal liability. I will be collecting the rent checks from the tenants and paying any bills associated with the property out of that account. I want to open a business checking account to use just for the building (LLC). I will be showing any profit or loss from such LLC on my 1040, schedule C or E. I have set the LLC up in my state where I live, but it did not obtain a TIN for the LLC as I am the only member of the LLC. I wanted to open a business checking account in the name of the LLC without a FEIN by providing my SSN. Can I do that, or is it mandatory that I must get and provide a separate TIN for the LLC?
The LLC is an entity. It will need its own Employer Identification Number if it has any employees. Otherwise, you may elect to have the LLC disregarded as an entity under IRS rules and use your Social Security number as the TIN for the LLC as long as it remains a single-member LLC. Your accountant can advise you on the best way to track the LLC's income for tax reporting purposes so that it is included on your annual 1040 filing.
As a single-member LLC, your company can use your SSN when opening bank accounts.
Published on BankingQuestions.com 12/09/08, updated 12/16/08
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The LLC is an entity. It will need its own Employer Identification Number if it has any employees. Otherwise, you may elect to have the LLC disregarded as an entity under IRS rules and use your Social Security number as the TIN for the LLC as long as it remains a single-member LLC. Your accountant can advise you on the best way to track the LLC's income for tax reporting purposes so that it is included on your annual 1040 filing.