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Business Checking and Employer Id Number
We opened our business checking account. It went smoothly because we had all of the required paper work and knew what we wanted. The problem is we’ll need to go back because our taxpayer identification number changed/will change.
The IRS doesn’t really recognize LLCs. A single member LLC is treated as a sole proprietorship, a multi-member LLC is treated as a partnership, and, under certain circumstances, a LLC is treated as a corporation. Ours is a multi-member so we actually need an employer identification number (EIN) even though we have no (and don’t plan to have) employees. Partnerships need an identification of their own.
Disclaimer – I’m not an accountant or a tax attorney so everything I just said is probably wrong.
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