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Start with the right business structure

Answer a few easy questions to help you decide which one may be your best choice

Why Do I Need An EIN?

When starting a new business it is important to make sure that all additional filings are completed. Making sure you receive an EIN once the business is filed will save a lot of hassle down the road.

Here at DoMyLLC, our trained LLC specialists understand the needs of small businesses and are dedicated to providing excellent customer service. Incorporating with DoMyLLC takes 15 minutes of your time. Simply place an order and provide a signature if needed. We make it that easy to DO.

Basics

Benefits

Checklist

Taxes

Why

Why Choose Us?

    What sets DoMyLLC apart from other companies that can help you form an LLC is we put all of our focus on helping you rather than beating the competition. Facets of our business philosophy include:

  • Providing competitive pricing as well as a price-match guarantee
  • Offering dependable customer care
  • Featuring a 100 percent guarantee
  • Offering professional live support
Schedule a Free Business Consultation/Speak to a Specialist

EIN Overview

    An Employer Identification Number (EIN), also commonly referred to as a Tax ID Number, is a number issued by the IRS to a business for tax purposes. The Employer Identification Number is like the social security number for a business. Generally most companies are required to have an Employer Identification Number.

    The Employer Identification Number (EIN) is needed:

  • When starting a Corporation, LLC or Partnership
  • To open a business bank account
  • File taxes

Nobody wants to deal with the IRS if they do not have to. Let the experts at DoMyLLC obtain an Employer Identification Number for your business. Getting a social security number for your business is just a click away.

Comparison Chart

LLC

C-Corp

S-Corp

DBA

LLCs provide personal liability and asset protection. Members (owners) are not held personally liable for the debts of the company.

C-Corps provide personal liability and asset protection. Officers, Directors, and Shareholders are not held personally liable for the debts of the company.

S-Corps provide personal liability and asset protection. Officers, Directors and Shareholders are not held personally liable for the debts of the company.

Owners have no personal liability or asset protection. Owners are held personally liable for the debts of the company.

Pass through taxation. LLCs are not taxed at the Corporate level. The profits and losses pass through to the members to report with their personal income tax.

C-Corps are double taxed. The company is taxed at the corporate level and dividends distributed to share holders are taxed as well.

Pass through taxation. S-Corps are not taxed at the Corporate level. The profits and losses pass through to the shareholders to report with their personal income tax.

DBA's are not taxed at the corporate level. Profits and losses are report by the owner/owners with their personal income taxes.

Although fees vary by state, LLCs are required to pay a filing fee along with the article of organization to set up an LLC.

Although fees vary by state, C-Corps are required to pay a filing fee along with the articles of incorporation to set up an C-Corp.

Although fees vary by state, S-Corps are required to pay a filing fee along with the articles of incorporation to set up an S-Corp.

Most DBA filings are done at the county level and do not require a state formation fee. Some states de require a state level registration and filing fee.

LLCs can be member managed or manager managed. In a member managed LLC the owners of the company are the ones that manage the day to day activities of the LLC. In a Manager-managed LLC the member elected a manager or managers to manage the day to day activities of the LLC.

C-Corps have shareholders, directors and officers. The shareholders are the owners of the company. The directors are elected by the shareholders and they appoint/elect officers to run the day to day activities of the business. People can hold multiple offices A C-Corp can have one person who is the only shareholder, directors and officer.

S-Corps have shareholders, directors and officers. The shareholders are the owners of the company. The directors are elected by the shareholders and they appoint/elect officers to run the day to day activities of the business. People can hold multiple offices A S-Corp can have one person who is the only shareholder, director and officer.

DBA owner/owners run ALL day to day activates of the company and have no restrictions within their role.

LLCs have a very informal business structure. LLCs have become very popular to form for this reason. LLCs are not required to hold meetings, documents minutes of meetings, issue stock or elect directors.

C-Corps have a very formal structure. C-Corps are required to have bylaws, hold annual meetings, documents minutes of meetings, issue stock and elect directors. Failure to comply with these formalities could cause the corporate veil to be pierced.

S-Corps have a very formal structure. S-Corps are required to have bylaws, hold annual meetings, documents minutes of meetings, issue stock and elect directors. Failure to comply with these formalities could cause the corporate veil to be pierced.

No corporate formalities are required.

LLCs can be either perpetual or have and finite end date. The existence term of an LLC is usually document in the operating agreement of the company. Some states require on the article of organization to list a termination date or list a perpetual existance. If perpetual the company will continue to exist the member die or if member interests are transferred.

C-Corps are a separate legal entity and have a perpetual existence. The corporation survives death and or transfer of stock of the owners.

S-Corps are a separate legal entity and have a perpetual existence. The corporation survives death and or transfer of stock of the owners.

A DBA ends with the death of the owner/owners or upon closing the business.

Most states require LLCs to file a annual report of pay franchise taxes on a yearly or biennially. Some states do not require any filings.

Most states require C-Corps to file a annual report or pay franchise taxes on a yearly or biennially. These fees can range from $10-$1,000 depending on state guidelines Some states do not require any filings.

Most states require S-Corps to file a annual report or pay franchise taxes on a yearly or biennially. These fees can range from $10-$1,000 depending on state guidelines. Only a handful of states do not have a annual or biennial filing requirement.

No ongoing maintenance or yearly filing requirements.

Since LLCs do not have stock to issue they can not sell stock to raise capital. LLCs are a separate legal entity and can earn credit, they can also obtain bank loans to raise capital. LLCs can get capital from existing member to take on additional member if approved in their operating agreement.

C-Corps can raise capital through selling varies types of stock. Once someone purchase stock they become a shareholder and business owner. Since C-Corps are a separate legal entity and can earn credit they can also obtain bank loans to raise capital.

S-Corps can raise capital through selling varies types of stock. Once someone purchase stock they become a shareholder and business owner. Since S-Corps are a separate legal entity and can earn credit they can also obtain bank loans to raise capital.

Capital is generally raised through bank loans since DBAs can not issue stock.

FAQ

EIN stands for Employer Identification Number. It is also commonly referred to as a Federal Tax ID Number.

The Employer Identification Number (EIN) is needed:

  • When starting a Corporation, LLC or Partnership.
  • To open a business bank account.
  • Hire & pay employees.
  • File taxes.

Sole Proprietors are required to get a new EIN number if they want to start a corporation or LLC.

Generally, if an entity does not obtain an EIN number they will not be able to:

  • To open a business bank account.
  • Hire & pay employees.
  • File taxes properly.

See our complete FAQ list here.

Ready to File for an EIN?

For only $69, DoMyLLC will obtain an EIN for the company.

For more information on how we can help you obtain an EIN (Employer Identification Number) for your company please call our office toll free at 888-366-9552.