Single member LLC, EIN and taxes question (state of MA)

Forum|Forum|2 years ago
April 16, 2024
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I am opening a single member LLC in MA. I am not required to get an EIN as I have no employees nor will have excise tax liability. However, I would like to get an EIN in order to open a bank account and ask for loans.

Can I apply for an EIN for my new SMLLC and still elect to be taxed along with my personal taxes? Or does having an EIN imply the new LLC needs to be taxed being taxed as a corporation?

Thank you!

TurboTax Home & Biz Windows

Vanessa A

You don't actually need the EIN for a bank account. The EIN is for employees or if you are a multi member LLC. It does not change how you are taxed,

EIN

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slara22Author

Thanks, Vanessa! I was told in my bank that to open a business bank account (to keep business finances separate from personal ones) an EIN is needed.

Also, I would prefer to use an EIN than my SSN for transactions. However, I would prefer to be taxed together with my personal taxes (not as a corporation) especially the first year.

Is this possible? Or if I get an EIN for my SMLLC I will need to be taxed separate from my personal taxes?

Thanks in advance!