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Hi, my name isXXXXX going to try and help.
Here is a link to the TIN webpage. It is free and you can go ahead and get it now.
Just remember, until your LLC is registered, the business will be treated as a sole proprietorship or partnership if you have a partner.
Under the name of the LLC?
Yeah, go ahead.
My point was that the LLC hasn't been approved by the DOS yet
Also, if I want to sell 50% of my LLC in the future, how do I do that?
How many owners are there?
Just me for now.
Well, you can get away without an operating agreement for now. But you should create an operating agreement when and if you bring someone else on board.
I'm thinking of selling part of it in the future. How would I do that? Do I have to get a new EIN?
As sole owner, you can decide how you want to sell and set terms.
No, the business entity will not change, just ownership interests.
So when I create an operating agreement, I include the fact that 50% has been sold to so-and-so?
Treat the LLC as a person for all intents and purposes...it is a legal entity.
Correct, what ever they pay can be a capital contribution.
I understand. I just want to make sure I'm telling the IRS and NYS what is going on properly.
Ok, so come tax time, I have to tell my accountant that I am no longer the sole member of the LLC, even though when I got an EIN, that's what I told the IRS?
Thanks for your patience... I just want to make sure I understand...
I dont think the IRS asks who owns the LLC when you get a ein. They just want to know the resonsible party.
But when you file taxes for the LLC, you can provide both owners.
Getting the ein is very informal.
Online, it asked me how many members there were going to be.
Just one for now.
It said that since there was only one, it would treat the LLC as a pass through or something...
You going to have emplyees?
I get it.
Ok, just making sure you need an ein.
Do I need a TIN as well?
An ein is a tin. So is a ssn.
Ok, I think that's it!
Tax identification number.
Different types of tin.
Thank you very much! You've been very helpful!
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