A limited liability company (LLC) is a structure allowed by state statute and is formed by filing articles of organization with the state. Members/owners may include individuals, corporations, other LLCs, and foreign entities. There can be no more than one active LLC with the same name in the same state. For federal tax purposes, an LLC may be treated as a partnership or a corporation, or be disregarded as an entity separate from its owner. An LLC can also be organized as a professional limited liability company (PLLC) or a limited company (LC).
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Should a Limited Liability Company Apply for a Federal Tax ID?
Before we get started, it is important to understand what an EIN is. An Employer Identification Number (EIN), otherwise known as a Federal Tax Identification Number or Tax ID Number, is used to identify a business entity, similar to the way you, as an individual, would be identified by your social security number. Generally businesses are required to have an EIN.
There are a multitude of reasons for wanting to obtain a Federal Tax Identification Number. While the reasons for wanting a Tax ID Number may vary, that doesn’t mean the process should be tedious or complicated. Gov Doc Filling takes the lengthy EIN application process out of the equation and replaces it with an easy to understand step-by-step process to obtaining a Federal Tax ID Number.