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Updated almost 9 years ago on . Most recent reply

User Stats

20
Posts
6
Votes
Susan Bearce
  • Real Estate Agent
  • Scituate, MA
6
Votes |
20
Posts

Tax ID for LLC

Susan Bearce
  • Real Estate Agent
  • Scituate, MA
Posted
Hi, I have my LLC registered with the State and this is surely a newbie question but, Do I have to apply for an EIN before I conduct any business or open a bank account in the business name?

Most Popular Reply

User Stats

178
Posts
60
Votes
William Morrison
  • Investor
  • Silver Spring, MD
60
Votes |
178
Posts
William Morrison
  • Investor
  • Silver Spring, MD
Replied
Originally posted by @Shannon Wright:

I am an Escrow Officer (in Cali, mind you) and we are not legally allowed to accept starter checks, so be prepared to wire or cashier check everything until you get checks in. :)

 Shannon, the starter check issue was interesting to me at the time.  The Escrow said they didn't put the check in an account but held it.  The actual settlement was many months off, it was new construction.  Some banks do not have to honor the check with that much time gone by.  Anyway I did as you said and sent a replacement which they still didn't deposit.
I had bought three houses, same state and city that year with another closing attorney.  They deposited them when the offer was accepted.  In each case I had a proof of funds letter from the bank with a commitment to pay cash if loan was delayed.   My Buyer Agent said he'd seen both. 
Just good for Susan to know.

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