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LLC Question
K e v i n
subscriber Posts: 2
I've decided that an LLC is the best business entity for my me - I sell hard products to a very niche market from a single online storefront. I've just been filing as a proprietorship but it no longer makes sense - my sales are getting significant and I want the protection of an LLC because one of my products carries some potential liability - it's a woodworking tool and anything can happen using sharp objects. I do have liability insurance for this product but I still want another level of protection.
I plan to form a single member company in New Mexico and not not file a form 8832 so that it is not treated as a corporation by the IRS. I'm also opening a Shopify storefront as my current website is outdated - it's on G page 1 but only because it's so niche - with better SEO it should easily climb to the top where it used to be before websites went to responsive SEO leaving my archaic website in the dust. I have settled on Shopify as the best fit for me. But they need an EIN or TID as part of the registration process.
It's my understanding that since I'm filing as a single member LLC with me as the member, and not filing a form 8832 that I don't need to ask the IRS for an EIN and that I should just use my SSN as the TIN for my Company. Does this sound correct?
P.S. For those that like to give the pat reply to see an attorney and CPA I will, just trying to collect preliminary info so I'm not totally ignorant going in. Thanks.
I plan to form a single member company in New Mexico and not not file a form 8832 so that it is not treated as a corporation by the IRS. I'm also opening a Shopify storefront as my current website is outdated - it's on G page 1 but only because it's so niche - with better SEO it should easily climb to the top where it used to be before websites went to responsive SEO leaving my archaic website in the dust. I have settled on Shopify as the best fit for me. But they need an EIN or TID as part of the registration process.
It's my understanding that since I'm filing as a single member LLC with me as the member, and not filing a form 8832 that I don't need to ask the IRS for an EIN and that I should just use my SSN as the TIN for my Company. Does this sound correct?
P.S. For those that like to give the pat reply to see an attorney and CPA I will, just trying to collect preliminary info so I'm not totally ignorant going in. Thanks.
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