If your LLC has more than one member or if you are going to hire employees, you’ll need an EIN. But these aren’t the only factors. The IRS offers a test to determine if you need an EIN:
Do you have employees?
Do you operate your business as a corporation or a partnership?
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco, and Firearms?
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
Do you have a Keogh plan?
Are you involved with any of the following types of organizations?
Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
Real estate mortgage investment conduits
If you answer yes to these questions, your business needs an EIN.
Benefits of Having an EIN
There are several reasons to get an EIN, even if you’re not required to have one.
First, opening a business bank account is often required, and it adds a degree of separation between your business and personal finances. Bankers, creditors, and the IRS will identify your business by its EIN rather than your personal Social Security number.
Second, it helps establish business credit, boosting your access to financing. Third, if you end up hiring employees in the future, you’ll already have your EIN and be ready to go.
What Do I Need to Get an EIN in Nevada?
According to the IRS:
All EIN applications (mail, fax, electronic) must disclose the name and Taxpayer Identification Number (SSN, ITIN, or EIN) of the true principal officer, general partner, grantor, owner or trustor. This individual or entity, which the IRS will call the ‘responsible party,’ controls, manages, or directs the applicant entity and the disposition of its funds and assets. Unless the applicant is a government entity, the responsible party must be an individual (i.e., a natural person), not an entity.
When you fill out the application, you’ll need the following:
Name, title, and Social Security number of managing member or owner
State in which your business is registered
Reason for applying
Main business activity
Closing month of your accounting year
Contact phone number and email
How to Apply for an EIN in Nevada
The application is Form SS-4, and you can submit it via the IRS website. Alternatively, you can print the form and fax or mail it. If you apply online, your EIN will be issued immediately.
There is no cost to obtain an EIN, which never expires.
Register for Nevada Taxes
You also may need to register for business taxes in Nevada.
If you have employees, you’ll need to register to withhold state income taxes with the Department of Taxation. In addition, you can register for sales tax on the same site if you sell taxable goods and services.
Your local government may also require certain tax registrations.
Even if your LLC does not need to obtain an EIN in Nevada, getting one is probably the best move for your business, its finances, and its future. Just be sure to fill out the forms correctly and keep your business on the path to success.
Is there a fee to acquire an EIN for my LLC in Nevada?
No, the IRS offers the EIN application service for free when you apply directly with them.
How long does it usually take to receive my EIN in Nevada after application?
For online applications, you typically receive the EIN instantly upon successful submission. Fax applications may take around four business days, while mailed forms can take 4-5 weeks.
Is it possible to run my Nevada LLC with my personal SSN instead of getting an EIN?
While sole proprietors sometimes use their SSN for business operations, for LLCs, having a separate EIN is strongly recommended. This ensures privacy, a clear distinction between personal and business finances, and complies with certain business requirements.
Will I need to renew the EIN for my Nevada LLC over time?
No, once your Nevada LLC receives an EIN, it remains valid indefinitely unless there are significant changes to your business structure.
Can international individuals obtain an EIN for their Nevada-based LLC?
Yes, foreign nationals can get an EIN for their Nevada LLC. Even if they don’t have an SSN or ITIN, they can apply, typically via fax or mail.
Does Nevada have unique regulations or steps regarding EINs?
While obtaining an EIN is a process managed at the federal level by the IRS, it’s essential to be aware of any Nevada-specific business regulations or requirements that may come into play once you’ve secured your EIN.