![]() ![]() This individual will be responsible for receiving and sending official company documents. During registration, it is necessary to name a registered agent. To form an LLC or incorporate a business, you will need to register your company with your state. However, only one member can be designated as the responsible party in charge of obtaining the TIN for the LLC. To clarify, it is permissible for an LLC to have multiple owners. An LLC may have numerous owners, however, a single individual must be selected as the responsible party to obtain a Tax ID Number (TIN) for the LLC. ![]() The owners of an LLC are referred to as members. This individual has the ability to direct, control, or manage the entity either directly or indirectly. What's a Responsible Party?Īn individual who has authority over the assets or funds in the business is referred to as a responsible party. For example, businesses can be taxed similar to an S corporation or sole proprietorship. ![]() This business structure protects an owner‘s personal assets while allowing company profits to be claimed on a personal tax return. Today, LLCs are the most popular type of business in the United States. What's an LLC?Ī limited liability company (LLC) is an organizational entity that provides both the pass-through taxation of a sole proprietorship or partnership and the liability protection of a corporation. Second, when applying for an Employer Identification Number, the IRS will request the exact legal name that was approved and the date that the business was formulated. First, it is important to ensure that the name of your business was properly registered and not rejected. Can I get an EIN before LLC? There are two main reasons to wait until your limited liability company is formed before obtaining an Employer Identification Number. ![]()
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