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Partership EIN#?

Discussion in 'Ask An Owner Operator' started by Attitude:), Jul 24, 2007.

Page 2 of 2
  1. Jul 29, 2007 #11
    Michael Bond

    Michael Bond Bobtail Member

    11
    0
    Jul 11, 2007
    New Castle, Indiana
    0
    There is little question that an LLC would be the safest way to go. By creating the LLC you will separate and secure (financially and legally) you and your family's assets. You'll be taxed as a partnership and you won't have the disbersment or double-tax problems you'll have as an S-Corp in a partnership configuration.

    Getting an EIN is as easy as a phone call. Get the federal form, fill it out, then call the IRS and read them the answers as they ask. Took me 15 min on the phone.
     
    Michael Bond, Jul 29, 2007
    Michael Bond, Jul 29, 2007
    #11
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  3. Jul 29, 2007 #12
    Brickman

    Brickman Trucker Forum STAFF Staff Member

    12,907
    12,209
    Sep 17, 2006
    WY
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    Exactly. Its cheap (free) and easy to do.

    Also cuts down on the possibility of ID theft. Your SS# number is not out there on who knows how many different tax papers at different brokers or shippers tax records.

    Even for a sole proprietorship I wouldn't use my SS#, just for ID theft reasons.
     
    Brickman, Jul 29, 2007
    Brickman, Jul 29, 2007
    #12
  4. Jul 29, 2007 #13
    Michael Bond

    Michael Bond Bobtail Member

    11
    0
    Jul 11, 2007
    New Castle, Indiana
    0
    There is little question that an LLC would be the safest way to go. By creating the LLC you will separate and secure (financially and legally) you and your family's assets. You'll be taxed as a partnership and you won't have the disbersment or double-tax problems you'll have as an S-Corp in a partnership configuration.

    Getting an EIN is as easy as a phone call. Get the federal form, fill it out, then call the IRS and read them the answers as they ask. Took me 15 min on the phone.
     
    Michael Bond, Jul 29, 2007
    Michael Bond, Jul 29, 2007
    #13
  5. Jul 30, 2007 #14
    Attitude:)

    Attitude:) "Love each Day as if it was your last"

    510
    36
    Jul 13, 2007
    TX NM & CO
    0
    Thanks Everyone!

    I noticed they had website issues when I tried applying for one on Friday so will try again today and just call if necessary. We are going with LLC too. It really does seem to be the best way to go here:) Thanks again for all the info!!
     
    Attitude:), Jul 30, 2007
    Attitude:), Jul 30, 2007
    #14
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