EIN for Banking Purposes only
11/30/22 UPDATE ON MY QUESTIONS. I learned that the EIN process comes after the passport and I do not need to worry about it quite yet.
Hello All,
I will be picking up my passport this week and my question is in regards to obtaining an EIN number for banking purposes only.
Do I need to create an EIN (to be able to open a bank account with that number instead of the SSN) before I obtain my passport? Or can this be created/obtained after receiving the passport?
Lastly, is this new EIN (only for banking purposes) created just as any other EIN for employers?
Thank you in advance for any insight.
11/30/22 UPDATE ON MY QUESTIONS. I learned that the EIN process comes after the passport and I do not need to worry about it quite yet.
I also have an LLC, operating as an S Corp. One of my questions is along these lines as well: My business is defined as a specialty contractor, and and do work for entities that receive public funds. Thus, I have to deal with prevailing wage, Washington sales tax and B&O tax. I can change my payroll withholdings by filing my W-8BEN. But an S-Corp has pass-thru taxes that end up on my personal return. And my customer base may require a corporation versus a PMA. Ugh. And what of independent contractor 1099's for sole props?
We need to clone David Straight so that we can have someone to go to for these more complicated questions.
I wonder if placing your corporation inside of an Express Trust may be beneficial in your situation. Or, maybe you can create a PMA as the parent company of the corporation and then placed inside of the Express Trust. I wish I knew more about this type of business structuring.... I have learned that the Express Trust is impenetrable and that it should own our assets/property. We should have control of the Trust but not own anything, as the trust owns it all.
I saw a post on Bobby Lawrences Telegram channel. He recommended a gal by the name of Elise for any Level 2 questions. I don't know if she could provide any help in your situation but here is the link to the post and to Elise's Calendy sign up. She offers consulting.