Question about filing for me EIN.

[Brian H.]

Hey folks!

So I have my LLC formed. Most Hard Money lenders wouldn't even consider me without it. Ok, so that is done. Now I need to get my EIN, correct? In the form SS-4 I select that I am a one member LLC. On the next set of boxes for question 9a I am supposed to declare the Type of Entity. So, in the instructions it says, because I am the sole member of the LLC, I am a Disregarded Entity, which means the entity is disregarded as seperate from myself for federal tax purposes. So, it says to choose other and write in Disregarded Entity when declaring the type of entity.

SO, my question is this. As an LLC that is a Disregarded Entity for federal tax purposes... am I stil proptected by the veil in terms of liability? IS this ONLY for tax purposes?

Any help would be greatly appreciated!!

Thanks everyone!

[Jonathan Roveto]

Yes, you are still protected as a single-member LLC... as long as you actually are a separate entity. This means keeping corporate records, following corporate law, having separate bank accounts, not co-mingingly funds/property, etc. The disregarded entity is basically for fed. taxes.