Taxation

Does a Single-Member LLC Need an EIN?

EIN barcodeAn Employer Identification Number, or EIN, is a unique tax id number assigned to businesses so that the IRS may keep track of them. In this way, the EIN is very similar to your Social Security Number. If an LLC has more than one owner — or “member” — it must apply for an EIN. Additionally, if the LLC has any employees other than the single owner, it must apply for an EIN.

Continue Reading “Does a Single-Member LLC Need an EIN?” »

Be the first to comment - What do you think?  Posted by The LLC Company

Categories: Taxation   Tags: , , , ,

Claim LLC Losses on Your Individual Income Tax Return

Graph trending downward with US currencyPlanning for business losses is rarely at the top of the todo list for LLC founders. However, recognizing and planning for potential negative revenue will help to keep your business stable. This is why it is so vital to create not just a profit-sharing provision in your operating agreement, but also a loss-sharing provision.

Continue Reading “Claim LLC Losses on Your Individual Income Tax Return” »

Be the first to comment - What do you think?  Posted by The LLC Company

Categories: Taxation   Tags: , , , ,

« Previous Page