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BartEsq
BartEsq, Researcher
Category: Business Law
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Experience:  Juris Doctor
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I just filed articles of organization for an LLC. Can I get

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I just filed articles of organization for an LLC. Can I get an EIN now, based on the LLC or do I have to wait for the Dept of State to officially grant the LLC?

BartEsq :

Hi, my name isXXXXX going to try and help.

Customer:

Hi Bart!

BartEsq :

Here is a link to the TIN webpage. It is free and you can go ahead and get it now.

BartEsq :

Hello.

BartEsq :

Just remember, until your LLC is registered, the business will be treated as a sole proprietorship or partnership if you have a partner.

Customer:

Under the name of the LLC?

BartEsq :

Yeah, go ahead.

Customer:

My point was that the LLC hasn't been approved by the DOS yet

Customer:

Ok thanks.

Customer:

Also, if I want to sell 50% of my LLC in the future, how do I do that?

BartEsq :

How many owners are there?

Customer:

Just me for now.

BartEsq :

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.

Customer:

I'm thinking of selling part of it in the future. How would I do that? Do I have to get a new EIN?

BartEsq :

As sole owner, you can decide how you want to sell and set terms.

BartEsq :

No, the business entity will not change, just ownership interests.

Customer:

So when I create an operating agreement, I include the fact that 50% has been sold to so-and-so?

BartEsq :

Treat the LLC as a person for all intents and purposes...it is a legal entity.

BartEsq :

Correct, what ever they pay can be a capital contribution.

Customer:

I understand. I just want to make sure I'm telling the IRS and NYS what is going on properly.

Customer:

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?

Customer:

Thanks for your patience... I just want to make sure I understand...

BartEsq :

I dont think the IRS asks who owns the LLC when you get a ein. They just want to know the resonsible party.

BartEsq :

reponsible*

BartEsq :

responsible*

BartEsq :

But when you file taxes for the LLC, you can provide both owners.

Customer:

Oh OK.

BartEsq :

Getting the ein is very informal.

Customer:

Online, it asked me how many members there were going to be.

BartEsq :

Just one for now.

Customer:

It said that since there was only one, it would treat the LLC as a pass through or something...

Customer:

Ok...

BartEsq :

You going to have emplyees?

Customer:

I get it.

BartEsq :

employees?

Customer:

Yes.

BartEsq :

Ok, just making sure you need an ein.

Customer:

Do I need a TIN as well?

BartEsq :

An ein is a tin. So is a ssn.

Customer:

I see...

Customer:

Ok, I think that's it!

BartEsq :

Tax identification number.

BartEsq :

Different types of tin.

BartEsq :

No problem,

Customer:

Thank you very much! You've been very helpful!

BartEsq :

anything else?

Customer:

bye!

BartEsq :

My goal is to provide you with excellent service. Let me know if you have any questions. If I can provide you with any additional service, please don't hesitate to ask. Please remember to rate my service so I can get credit for my work. Bonus is not mandatory but much appreciated. Thank You.



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