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Hi I have just formed a single member LLC in NJ.
The IRS website states that: A single-member LLC that is a disregarded entity that does not have employees and does not have an excise tax liability does not need an EIN. It should use the name and TIN of the single member owner for federal tax purposes. However, if a single-member LLC, whose taxable income and loss will be reported by the single member owner, nevertheless needs an EIN to open a bank account or if state tax law requires the single-member LLC to have a federal EIN, then the LLC can apply for and obtain an EIN.
So IRS does not need me to have a FEIN as my TIN (SSN) will be used for federal tax purpose.
My question is, does TD Bank need me to apply for a FEIN or is my TIN enough for opening a Business checking account in New Jersey?
March 3, 2015 01:42:03 PM
In reply to Eric, Hackensack
Good afternoon, Eric. We appreciate you considering TD Bank for your business banking needs.
If you are the Sole Proprietor on your business LLC and currently do not have an EIN, you should be able to open a business Checking account with your Social Security number.
In order to open a business account, the account signer(s) must visit a TD Bank Store, during lobby hours and be present for the account opening process along with the following documents: a valid photo I.D. (Driver's License, Passport, Military I.D. etc.) and Social Security number. To find out TD store locations near you, please visit, http://bit.ly/TDStores.
Prior to visiting a Store, we suggest reviewing the types of business accounts. If you take a look here, http://bit.ly/1lWgAhe , the link shows the types of business Checking accounts that we offer. Our web page can even make a selection based on your needs with the Business Checking Selector tool: http://bit.ly/1lGeYmw. If you have any questions while reviewing these options, a Business Banking Specialist would be happy to assist you over the telephone. You can reach them by dialing 855-278-8988. You could also click here: http://bit.ly/SWDqsn to fill in a form to request a call form a Small Business Banking Specialist.
Additionally, we'd like to share with you our Small Business Resource Center that you may find useful, please take a look here: http://bit.ly/1k5RiNG .
Let us know if you have any other questions. We hope you have a nice day!
LiShu R, Mount Laurel
March 3, 2015 01:43:15 PM