How to get an EIN for your investment company
Chapter 5: Step 4
Go to the IRS and get a EIN for each LLC (or Entity) that you have.
Time: 20 min, day 2.
This process is very simple. Just go to the IRS.gov website and fill out the form for your own EIN. It takes about 15 minutes. At the end, make sure that you PRINT OFF YOUR LETTER. Save it to file, print it and keep it because it has your EIN and proof there of. Banks will want to see this letter when you go to open business checking accounts.
They do have business hours where the for will not work, at the time of this article they permit online applications from 7 am to 10 pm EST monday through Friday.
There are some super secret ninja tricks in the newsletter that you will want to review before you sign up for your EIN.
The process if self explanatory and there is a lot of information on the form as you fill it out, but to help make it a little easier I put in some details below for you to reference on how I do it.
Here is a quick explanation of the steps. There are 5 steps to the application for EIN. First they have you Identify company type and purpose, then they have you authenticate some registration information, then give them the address(s) for the company, then some details about the company and it’s business purposes, and finally you confirm and print your EIN letter. Details about each of the 5 steps are below:
What type of legal structure are you applying for? Generally we do LLC(s) or Corporations. Sometimes we may do trusts, but I never ever in hell do a sole proprietorship (expect in one situation and it has no external liability risks) and partnerships should be forbidden in my opinion. Now once you get into a few steps, the sight might tell you they will treat you like a partnership for tax purposes, that is ok).
Next put in the number of partners and the state of registration.
Select the purpose for getting your EIN. Usually just because it’s a new business.
Who is the responsible party of the LLC? I make this the primary managing member or the tax matters member.
If you selected individual in the prior step it will ask you for that person’s Name, social security number and if they are a member or applying on behalf of the company.
After that it’ll ask for the physical address of the company and a mailing address if that is different. I put the address of either a member located in the state or a registered agent for the physical address and my mail processing point for the mail to location.
Here you will put the legal name of the llc, same as what you registered with the Secretary of State’s office, and some other basic information of state that it is registered in and located in and when it started.
Then it will ask you some specifics about your business, like if you own very heavy trucks, or do gambling, or need to file excise tax, or manufactures alcohol, etcetera… Just answer them, but I’ve never had an investment company that started with a yes on any of these.
What does your business do here. There is a discussion of this in the newsletter that you can check out. Answer this for your company and click continue.
5) EIN Confirmation
Finally you get to select how you want your EIN Letter delivered. Select the option that allows you to print and download it. Then download it, save it to your computer, the cloud or where ever you can find it easily and print it.