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Can I use my Sole Proprietorship's EIN for my LLC EIN? - YouTube
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can i use my sole proprietor ein for my
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llc
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first off i am not your attorney i'm not
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your cpa i'm just providing general
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business information that you can find
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anywhere that's where i get it from
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everywhere and anywhere uh but i've just
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been in the business for a while so i
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just have a lot of access to this
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knowledge and so i'm sharing with you
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but you can also get it from other
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people ultimately you make your own
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decisions second please like and
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subscribe if you get value out of this
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video comment below come talk to us and
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chat at betterlegal.com
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uh
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can i use my sole proprietor ian for my
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llc no
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end the video thanks for coming
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just kidding
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uh but really that's kind of
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that's kind of the long and short of it
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is no you can't
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to use an analogy uh can i use my
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social security number
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for my newborn baby can i transfer it
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over
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no you can't
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um because it's my social security
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number and i have to retain that and so
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the newborn baby gets its own social
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security number in the same manner
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me as a sole proprietor i already have
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my tax id i have an ein for my
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self my personal self
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but now
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i'm creating a totally new baby business
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it's a it's an entity that is a baby and
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so i can't transfer that ein that is
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pointing to me to the business
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so that's essentially how it works and
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so just to kind of give a little bit
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more uh
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understanding here is yes you can have
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an ein
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pointing to yourself
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okay
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um and it really kind of
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goes like that i guess
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um
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but if this ein here
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is for john smith
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it can't also
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be
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for abc tile
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now why is that well
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because let's say abc tile blows up it
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has a
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you know great youtube channel and a
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tick tock and just people go bonkers for
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and people just start buying tile out
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the yin yang um well now
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you have this kind of
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ein that you know maybe john's not even
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part of it anymore john sold the
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business
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he sold it to a private equity firm
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and
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but now this ein but but he wants to
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still be working personally
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and still do tile kind of small jobs
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because he's fun that's that's why i got
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into it it's it's fun so you've got a
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private equity firm that owns abc tile
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llc and you've got john smith over here
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that
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uh is still doing work personally
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but they share an ein whoa that's not
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good because if he's filing his business
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taxes for his sole proprietorship and
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the business is filing their taxes what
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ein did they use they can't share an ein
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so that's kind of how it gets complex
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and why you know if you've got an ein
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for yourself
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why you have to get a new ein
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for
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the business so
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hopefully that made sense
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um
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i'm not going to go talk about that
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today but yeah that's basically how that
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works if you
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have
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further questions about eins we can talk
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about it so please like and subscribe
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also buy an llc from better legal um
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check us out betterlegal.com share uh
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share us with other people we actually
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have a really great affiliate program
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and so if you become a customer of ours
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you get an affiliate link and you share
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that with friends they get 100 off and
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you get 100 check in the mail so that's
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something to think about if you
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introduce three new people three new
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business owners your friends that are
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all talk about hustling
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if you have three friends that you give
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their link to your llc is free so
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um anyway hope you have a good day and
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we will see you next time
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