Business Licenses (Coming Soon)
Why Do I Need An EIN?
When starting a new business it is important to make sure that all additional business licenses 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.
Why Choose Us?
- Providing competitive pricing as well as a price-match guarantee
- Offering dependable customer care
- Featuring a 100 percent guarantee
- Offering professional live support
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:
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 licenses is just a click away.
Comparison Chart
Liability Protection →
Pass Through Taxation →
Articles of Organization →
Complex Management Structure →
Formal Business Structure →
Perpetual Existence →
Year Compliance Requirements →
Raising Capital →
LLC
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Liability Protection →
LLC‘s provide personal liability and asset protection. Members (owners) are not held personally liable for the debts of the company.
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Pass Through Taxation →
LLC‘s are not taxed at the Corporate level. The profits and losses pass through to the members to report with their personal income tax.
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State Filing Fees →
Although fees vary by state, LLC‘s are required to pay a filing fee along with the article of organization to set up an LLC.
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Complex Management Structure →
LLC‘s can be Member-Managed or Manager-Managed. In a Member-Managed LLC the owners(s) of the company run the day to day activities of the LLC. In a Manager-Managed LLC the member(s) elect a manager(s) to run the day to day activates of the LLC.
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Formal Business Structure →
LLC‘s have a very informal business structure. LLC‘s have become very popular to form for this reason. LLC‘s are not required to hold meetings, document minutes of meetings, issue stock or elect directors.
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Perpetual Existence →
LLC‘s can be either perpetual or have a finite end date. The existence term of an LLC is usually documented 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 if the member(s) die or if member(s) interests are transferred.
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Year Compliance Requirements →
Most states require LLC‘s to file an annual report or pay a franchise tax on a yearly or biennial basis. Some states do not require any filings.
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Raising Capital →
Since LLC‘s do not have stock to issue they can not sell stock to raise capital. LLC‘s are a separate legal entity and can earn credit, they can also obtain bank loans to raise capital. LLC‘s can get capital from existing member(s) or take on additional member(s) if approved in their operating agreement.
C-Corp
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Liability Protection →
C-Corps provide personal liability and asset protection. Officers, Directors, and Shareholders are not held personally liable for the debts of the company.
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Pass Through Taxation →
C-Corps are double taxed. The company is taxed at the corporate level and dividends distributed to share holders are taxed as well.
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State Filing Fees →
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.
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Complex Management Structure →
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.
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Formal Business Structure →
C-Corps have a very formal structure. C-Corps are required to have bylaws, hold annual meetings, document minutes of meetings, issue stock and elect directors. Failure to comply with these formalities could cause the corporate veil to be pierced.
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Perpetual Existence →
C-Corps are a separate legal entity and have a perpetual existence. The corporation survives death and the transferring of stock by the shareholders.
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Year Compliance Requirements →
Most states require C-Corps to file a annual report or pay franchise taxes on a yearly or biennially timeline. These fees can range from $10-$1,000 depending on state guidelines Some states do not require any filings.
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Raising Capital →
C-Corps can raise capital through selling various types of stock. Once someone purchases 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-Corp
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Liability Protection →
S-Corps provide personal liability and asset protection. Officers, Directors and Shareholders are not held personally liable for the debts of the company.
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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.
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State Filing Fees →
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.
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Complex Management Structure →
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.
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Formal Business Structure →
S-Corps have a very formal structure. S-Corps are required to have bylaws, hold annual meetings, document minutes of meetings, issue stock and elect directors. Failure to comply with these formalities could cause the corporate veil to be pierced.
-
Perpetual Existence →
S-Corps are a separate legal entity and have a perpetual existence. The corporation survives death and the transferring of stock by the shareholders.
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Year Compliance Requirements →
Most states require S-Corps to file a annual report or pay franchise taxes on a yearly or biennially timeline. 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.
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Raising Capital →
S-Corps can raise capital through selling various types of stock. Once someone purchases 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.
DBA
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Liability Protection →
Owners have no personal liability or asset protection. Owners are held personally liable for the debts of the company.
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Pass Through Taxation →
DBAs are not taxed at the corporate level. Profits and losses are reported by the owner/owners with their personal income taxes.
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State Filing Fees →
Most DBA filings are done at the county level and do not require a state formation fee. Some states do require a state level registration and filing fee.
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Complex Management Structure →
DBA owner/owners run ALL day to day activates of the company and have no restrictions within their role.
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Formal Business Structure →
No corporate formalities are required.
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Perpetual Existence →
A DBA ends with the death of the owner(s) or upon closing the business.
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Year Compliance Requirements →
No ongoing maintenance or yearly filing requirements.
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Raising 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.
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.