Hello, I'm an attorney with Potts Weinstein, and today I'll guide you through the process of obtaining an Employer Identification Number (EIN) for your new LLC in New Mexico. An EIN, also known as a Federal Tax Identification Number, is essential for your business, similar to a Social Security Number for individuals. What is an EIN? An EIN is a unique identifier assigned by the IRS to businesses for tax purposes. It's required for various business activities, including opening a business bank account, filing taxes, and hiring employees. While single-member LLCs that are not taxed as corporations can use the owner's Social Security Number, I recommend obtaining an EIN to avoid unnecessary exposure of your personal information. Benefits of Having an EIN Privacy Protection : Using an EIN instead of your Social Security Number helps protect your personal information. Employee Hiring : If you plan to hire employees, you will need an EIN. Business Transactions : M
Hello, I'm an attorney with Potts Weinstein, and today I'll guide you through the process of obtaining an Employer Identification Number (EIN) for your new LLC in New Mexico. An EIN, also known as a Federal Tax Identification Number, is essential for your business, similar to a Social Security Number for individuals. What is an EIN? An EIN is a unique identifier assigned by the IRS to businesses for tax purposes. It's required for various business activities, including opening a business bank account, filing taxes, and hiring employees. While single-member LLCs that are not taxed as corporations can use the owner's Social Security Number, I recommend obtaining an EIN to avoid unnecessary exposure of your personal information. Benefits of Having an EIN Privacy Protection : Using an EIN instead of your Social Security Number helps protect your personal information. Employee Hiring : If you plan to hire employees, you will need an EIN. Business Transactions : M
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