EIN application for LLC

[Taxing Matters]

OK, but again, if he used the IRS's online EIN request, it plays 20 questions with you and issues you the EIN on the spot. Much easier...

But you still have to answer the questions correctly, and knowing that a two person LLC is a partnership will help him do that, I think.

Certainly right now, though, using the online system is the better way to go as the service centers are limited in what they can do right now given the virus restrictions and the IRS focus on getting the stimulus checks out.

 

[FlyingRon]

But you still have to answer the questions correctly, and knowing that a two person LLC is a partnership will help him do that, I think.

He doesn't need to know it. The system is pretty darned simple.

Question #1: What type of legal structure is applying for an EIN. Offers LLC as an answer.
Question #2: How many members are there: 2
Question #3: Please Select the state where the business is located: FL.
(by the way, if you are in a community property state, it asks if the members are spouses).
Question #4: Why is the LLC requesting an EIN? Starting a new business is one of the questions.
Question #5: Name and id of the responsible party: (as appropriate)
Question #6: Address and date of formation of the LLC
Question #7: Several yes-no questions: ownership of a heavy vehicle, involved in gambling, Need a form 720, sell or make alcohol, tobacco or firearms, have or expect ot have employees.
Questing #8: Pick a type of business (leads to one or two more questions based on what you select).
Question #9: How do you want us to send your EIN to you (online or snail mail)?

You confirm all this information at the end and press SUBMIT and a PDF spits out with your EIN.

 

[Taxing Matters]

He doesn't need to know it.

Depending on how you answer the various prompts, it may indeed be useful to know it. You provided one walk through the prompts, but other combinations are possible. In any event, it is critical that he know its a partnership from the outset as that has a huge impact on the taxation of the business income. Ideally they'd have a partnership agreement drafted that includes certain tax related provisions in it depending on what the deal is between them.

The system is pretty darned simple.

Getting the EIN is pretty simple, yes. But the applicant will want to answer the prompts correctly so that the IRS sets up the right filing requirements for the business. As for the rest, partnership taxation can get pretty complex and the OP will want to consult a tax professional familiar with the tax treatment of partnerships to ensure he gets it right.

 

[quincy]

The best advice is for SLAR to seek help from a legal/tax professional in his area if he is having problems figuring out how to answer the prompts to get his EIN.

I agree with FlyingRon that it can be sort of hard to get it wrong.