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Video instructions and help with filling out and completing Printable 147c form
Music hey youtubers mike boorda the mike boorda channel if you're joining us from the previous couple of videos where we talk about the steps one through four on how to obtain an LLC glad to have you if you have not checked those out definitely check those out they bring up to speed where we are now we're now on step 5 obtaining an EIN there's really three main reasons why you need that ein S stands for employee identification number so let's talk about it so what is an ein it's an employer identification number or federal tax identification number and basically all that really is at the end of the day is a social security number for your specific company there are a few reasons why you need that employee identification number as you can see here number one to open a business bank account for the company now opening that business bank account is important because it is going to separate your personal income and assets from your business income and assets and that's important with the limited liability company features second reason is for federal and state tax purposes at the end of the year you are going to use this e is company social security number to complete your business taxes and the third reason is to hire employees for the company in the event that you are creating this LLC in your business is large enough to a point where you have additional employees required you are going to need that ein number to allow your actual company to hire in employees and if you can remember every year you do your personal taxes when you insert your w-2 for the company you work for it always asks for the company's in in the top left corner that you insert so here we are where do I get an EIN we'll go and click on apply online and I've already clicked on that IRS gov this is an agency you do not want to mess with you always want to make sure you are abiding by all the restrictions and regulations that the IRS has implemented for your company so go ahead and click on begin application this page is going to allow you to pick from a few options as we are a limited liability company we are going to select that and continue you have chosen limited liability company what is it here's a couple facts about a limited liability company as well as down here what it is not so we are going to continue there tell us more about the members of the limited liability company how many members for us in this example with the YouTube we only have one member it's a single member LLC I will go ahead and insert one and now we are going to select the state we are going to select Michigan again yours could be different from there we are.