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EIN & Business Banking

EIN (Employer Identification Number)

  • Apply directly at IRS.gov EIN Assistant — free, instant issuance online
  • Requires the LLC to already be filed/approved with the state first
  • Single-member LLC default federal tax treatment = disregarded entity (taxed as sole proprietorship, Schedule C) unless an S-corp/C-corp election is made later

  • Do not pay a third party for this — several sites charge $50–150 to "get" an EIN that the IRS issues for free

  • [ ] EIN obtained: date

  • [ ] EIN: (store securely, not in this repo)

Business bank account

Opening a dedicated business account is what actually protects the liability separation an LLC provides — commingling personal and business funds is one of the fastest ways to lose that protection ("piercing the corporate veil").

Needed to open: - [ ] Certificate of Organization (from KY SOS) - [ ] EIN confirmation letter - [ ] Operating Agreement - [ ] Personal ID

Bank chosen: TBD

Business credit building (optional, longer-term)

  • Business credit card (requires EIN + sometimes a business bank account first)
  • NET-30 vendor trade lines (many equipment/supply vendors offer these once you have an EIN and business name on file)
  • Not required to start — worth revisiting once initial equipment purchases and banking are settled