llc and tax id number

Discussion in 'Business Operations' started by DFREAMGREEN, Jan 15, 2013.

  1. DFREAMGREEN

    DFREAMGREEN LawnSite Member
    Posts: 28

    If I am the only person in a llc do I need a new tax ID number
     
  2. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,869

    I do believe you cannot use your SS# anymore.

    Also, why do you have an LLC as a solo op? Any employees?
    If solo, only reason for LLC is if you are in big biz debt. If debt free skip it does you no good.
     
  3. DFREAMGREEN

    DFREAMGREEN LawnSite Member
    Posts: 28

    I can really tell you why, it not because debit. Somebody just pointed me in that direction
     
  4. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,869

    ok - not that llc is bad route, just not nec for a solo op.
     
  5. TeamYardsale4

    TeamYardsale4 LawnSite Senior Member
    Posts: 325

    DBA is best route for a solo operation right??
     
  6. KeystoneLawn&Landscaping

    KeystoneLawn&Landscaping LawnSite Senior Member
    Posts: 774

    LLC can be advantageous to a solo when your income starts to climb. Talk to your CPA, they can advise the best because they know your numbers and business plan.
     
  7. RussellB

    RussellB LawnSite Fanatic
    Posts: 6,125

    Doesn't the LLC protect your private/personal liability? Business insurance covers your business.
     
  8. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Posts: 3,466

    You have 2 different things here. Normally you get a FIN so that identifies your company with the taxman and if your opening up a business account at the bank. Some guys do a DBA but dump all the money into their personal account and pay from there. I prefer to keep business/personal separate
     
  9. Pietro

    Pietro LawnSite Senior Member
    Posts: 857



    BINGO! If you had an event that could ruin your company (like a death/serious accident from equip or whatever) your personal stuff can not be targeted by attorneys/people suing you. It would protect your home, personal savings/assets.
     
  10. lawnkingforever

    lawnkingforever LawnSite Bronze Member
    Posts: 1,280

    Not necessarily. Running a llc as a solo operation does not exclude the owner/operator from a lawsuit or liability. There has been other threads on this, so I will not get into it. People can believe whatever they want to, but I would have plenty of liability insurance if was a sole proprietor or llc.
    Posted via Mobile Device
     

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