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    EIN QUESTION. LLC/S-Corp
    Greetings,

    I have formed a LLC and I'm the only person involved. I need to do two things. 1.)Open bank account 2.)File to be taxed a S-Corp
    At this point I will be a shareholder operator with a salary and two more shareholders will be introduced when certificates are formed.

    My understanding right now is as a LLC sole proprietorship the company won't need a EIN and I would use my social number in it's place.

    When filing for S-Corp tax status I believe I need a EIN.

    My questions are:
    1.) When declaring S-Corp tax status can I use social as EIN or do I need to obtain EIN? If so should I apply for EIN for S-Corp, or EIN for LLC.
    2.) Can I open a bank account now using social number in place of EIN and start purchasing equipment, or should I wait to open account once I am classified as S-Corp status?


    If anyone has any insights for me it would be appreciated.
    Thanks,


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    Just get an EIN. It only takes a few minutes. The whole point of not being a sole proprietorship to to avoid the personal liability.


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    Lol great answer, simple and well put


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    We have an accountant who works out our taxes. But of course once in a while there is always an external auditor who comes to verify what we have been submitting as your tax returns. I think that way is much better so that there is no one playing some tricks.


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