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I am a single individual LLC and I got an EIN from the IRS…

I am a single...

I am a single individual LLC and I got an EIN from the IRS for the my business name. I just read that since I am a single member LLC that I should have used my SSN number instead. My business acct at the bank is the EIN that the IRS sent. How do I remedy that.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

II am a health care professional and now all my info at the insurance co are related to that EIN. So is the state business.

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Answered in 1 minute by:
3/28/2018
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 57,033
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good afternoon. Although if you have a single member entity which is treated as a disregarded entity for tax purposes, you've done no harm by getting an EIN for the entity. You could have continued to operate your LLC with your SSN, but it is not required. You're fine to use this new EIN for your new entity...just it on your Schedule C for your Form 1040. For state law purposes, to protect the limited liability aspects of your LLC, it's actually beneficial to have an EIN for your LLC because it shows that you are clearly treating the LLC as a separate and distinct entity and helps prevent someone from "piercing the veil" when trying to sue you personally for an LLC debt.

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Richard
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Category: Tax
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Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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