So I'm finally getting my LLC paperwork together. I see a bunch of online incorporation packages that include an EIN as part of the deal, but I'm wondering if that's actually worth paying for or if I should just get the EIN myself. Is there any real benefit to having them handle it?
LLC Setup
My LLC package includes an EIN but is it actually worth paying for?
You can get an EIN directly from the IRS for free, and it takes like 5 minutes online. I wouldn't pay extra for that.
Agreed ^^. The only time it might be worth it is if you're really pressed for time or intimidated by the IRS site, but honestly it's not hard. The form asks basic questions about your business.
Wait, but if you get the EIN yourself before the LLC is approved, what name do you put on the application? I always wondered if you need the LLC to be officially formed first.
You can apply for the EIN once your LLC is formed (or even before if you're the sole owner, using your SSN). The package just does it after they file the formation docs for you. But again, no magic there.
I paid for one of those packages on my first LLC. It was convenient because I didn't know what I was doing, but in hindsight I could have have saved $50 and just done it myself. Live and learn.
Thanks, all. So it sounds like the the consensus is: skip the packaged EIN and just do it directly. I appreciate the reality check.
Exactly. And if you get stuck, there are tons of free guides online. The IRS site is actually pretty clear.
One caveat: if you're forming an LLC in a state that requires an EIN for the formation itself, then maybe the package is more convenient. But most states don't.
Also, some packages bundle registered agent service for a year, which might be worth it depending on the price. The EIN alone? No.
I'd also check if they charge a separate fee for the EIN or if it's just included. Sometimes the 'included' stuff is just marketing fluff.
Yeah, if the packagee is cheap enough for the other services, the EIN inclusion is just a cherry on top. But don't pay a premium for it.