An LLC, or limited liability company, is a common format used to set up a business as it allows the owner to limit their personal liability for actions that are taken by the company. You can complete the formation of an LLC online by using such sites as https://www.irs-ein-tax-id.com/. The process is simple once you fully understanding the steps required for an LLC setup.
The first step is to name your LLC. You will need to review state laws to see how naming should be completed. Most states in the US do not allow an LLC to have a duplicate name of an existing business or a similar name.
You will also need to file Articles of Incorporation. This is done with the secretary of state within the state where your business will operate. This is a basic document that is used to set up an LLC company. it can also be called a certificate of organization or a certificate of formation.
As a new LLC, you will also need an employee identification number, also known as an EIN. This number is used for IRS purposes and is often needed to open business bank accounts as well as lines of credit or obtaining a loan. To apply for EIN number IRS, you can easily do so online at the IRS EIN site. Applying takes only a few minutes with basic information provided about your business.
Once you complete the application, hit the submit button and soon, you will be sent your new EIN number via email. You can then use this number for tax filing purposes as well as any business needs you may have, such as opening credit cards for your company or applying for business loans. The new EIN number will be applied to your business and remain as your trust tax id number throughout the duration of your company’s existence
Hunter Texidor was born and raised in Toronto. He has written for Billboard, The Prague Post and Passport Magazine. In regards to academics, Sage earn his BBA from Mcmaster in Hamilton. Hunter covers business and economy stories here at Billionaire 365.