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Requirements for EIN
- Multimember LLCs are required to use an EIN to file taxes, but sole proprietors and single-member LLCs are not and can use their Social Security numbers instead.
- EINs offer an array of tax options and financial advantages.
Do I Need An EIN for My LLC?
- We recommend that all LLCs get an EIN but the US Internal Revenue Service requires EINs for LLCs under specific circumstances:
- Single-Member LLC. If your business entity is a single-member LLC with no employees or excise tax liability, then you are not required to get an employer ID number.
What do I need to know before applying for an EIN?
- In order to receive an EIN, the business must be located within the United States, and the person who is applying must have a Social Security Number or Taxpayer Identification Number.
Do I Need a Federal Tax ID (EIN) Before Forming an LLC or Incorporating?
- Typically, most business owners will incorporate or form their LLC at the state level before obtaining an EIN.
Should I get an EIN or LLC first?
- To form an LLC you need: a completed set of Articles of Organization, a business name, and a filing fee paid to the Secretary of State.
Is it possible to have an LLC without an EIN?
- An EIN identifies your business to the IRS. You could think of the EIN as your “account number” with the IRS.
Overview
- It typically takes 5-7 days for the Secretary of State to process and approve LLC filings in South Dakota.
- The annual report filing fee to maintain an LLC in South Dakota is $50 online or $65 via paper.
- Applying for an EIN is free through the IRS.
- The average timeline for setting up an LLC is typically between four and eight weeks.
Other Information
- If you believe you have an EIN for your business, but you’re unsure what it is, you can call the IRS Business & Specialty Tax Line at (800) 829-4933 to retrieve it.
