EIN

Any business will need to set up its own tax identification number (EIN). Your choice on how your company will be taxed depends on what type of business you run--see my Advanced Tax Tactics for a detailed discussion of this at www.legalees.c...
Use promocode "KZbin" for 30% off.
For More Resources...
Tax Planning: legalees.com/t...
Personal Planning: legalees.com/p...
Business Planning: legalees.com/b...

[@larryparks1520]

Thanks for your helpful posts.

[@userbanks8892]

Thank you for your videos!

[@Legaleescorp]

Glad you like them!

[@KathyBozich-pr7yh]

Weneedtodropsomewordsthatwillnothelpussowecanciled​@@Legaleescorp

[@dalebarnes4938]

what about getting one for an existing Living Trust bank account as the Successor Trustee instead of my SS#...Love Your Videos learning so much. I've subscribed and sharing Your site with others, too. Thank You for all You do to help Educate us.

[@Legaleescorp]

I assume you are asking about getting a tax ID for your trust. When a successor takes over, because of the death of the Trustor / Grantor / Settlor (all the same guy) the trust is irrevocable on the death and you are required as successor trustee to get a tax ID number. Not sure what your question was. Thanks for the support. Talk up the channel. I am not a marketer, so I need help.

[@yennifel1]

If my LLC will be a parent company should I use S Corp, C Corp?

[@Legaleescorp]

Not sure I understand the question. I don’t like holding companies. I would keep each company separate and not have a parent. YOU SHOULD NEVER HAVE A CORPORATION BE THE PARENT COMPANY. You lose all the charging order protection of the LLCs. If it is taxation of the parent you are talking about, that is an accounting question not a legal question.

[@keithpetrino]

I registered a single-member LLC in 2008 that I never used. At the time I did get an EIN, however I did not fill out any additional IRS forms to be taxed as a corporation. Does merely having an EIN make me taxable as an entity and thereby make me responsible for that $250/mo/member fee you mentioned? Or am I still a "disregarded entity" with pass-through taxation? If I am still a disregarded entity and start earning money though the LLC, can I file my taxes using either my SS number or EIN number interchangeably?

[@Legaleescorp]

If you get an EIN and you don’t designate how you want to be taxed you will default to the IRS choice. For one person LLCs, that is a disregarded entity. For more than one member, that is a partnership. Neither the disregarded entity or the partnership have the fines for not filing. It is a touch less than $250 this year.

[@siddeeqa.2626]

How far in the future can you elect to have your effective tax year to begin?