Updated: Dec 12, 2022
An Employer Identification Number is vital to your Montana LLC, just like a Social Security Number is essential to you. An EIN helps the IRS identify your business entity.
Acquiring an EIN for your Montana LLC will allow you to:
Establishing credit with vendors for your LLC
Fill federal, state and some local tax forms
Open an LLC business bank account
Apply for some specific permits and licenses
Handle employee payroll (if applicable)
Acquire business loans or business lines of credit
You can apply for your EIN through the IRS for free, so you have no reason not to acquire one. However, a sole proprietor doesn’t need an EIN.
Having an EIN doesn’t mean that you have to hire employees. This is just a Tax Identification Number (TIN) that the IRS uses to identify your Montana LLC.
You can instead choose to use your social security number, but this will expose your personal information.
How Do You Acquire an EIN?
Below are three different sets of instructions:
1. Apply for an EIN Online If You Have an ITIN or SSN
We recommend that you apply for an EIN online for your Montana LLC if you already have an ITIN or SSN. This is the easiest way of getting approval.
2. If You Get an Error Message After You Apply Online
If you have an ITIN or SSN and you still get an error message after you apply online, then you’ll have to fax or mail an SS-4 form to the IRS.
3. If You Don’t Have an SSN or ITIN
You can still acquire an EIN for your Montana LLC, even if you don’t have an ITIN or SSN. However, you’ll not use the online process to apply for it. Instead, you’ll have to fill the SS-4 Form in a certain way and then fax it or mail it to the IRS.
EIN Confirmation Letter (EIN Approval)
You will get your official EIN Confirmation Letter (CP 575) after the IRS issues an EIN for your Montana LLC. How you receive your approval letter depends on the method that you used to apply for the EIN.
If you applied for an EIN online:
You will get access to a PDF copy of your EIN approval letter once you finish your online application process. There is no time to wait. You will also receive a duplicate copy in your mail within 4 – 5 weeks from the IRS.
If you faxed Form SS-4 by fax:
You will receive a facsimile of your EIN Approval Letter within 4 – 7 business days from the IRS.
If you sent Form SS-4 by mail:
You will receive an email of your EIN Approval Letter in a span of 4 – 8 weeks from the IRS.
LLC Business Bank Account
You can open a separate LLC business bank account for your Montana LLC after acquiring your EIN.
You’ll need to provide the following documents to the bank for the process to begin.
A passport or a Driver’s license
EIN Approval Letter
LLC operating agreement
Apart from the above, a bank might also request for other paperwork. We, therefore, recommend that you reach out to a few banks in Montana in prior.
Canceling an EIN
You have to wait for the Secretary of State to approve your Montana LLC before you apply for your EIN. If not, you’ll have an EIN attached to a non-existent LLC.
Nonetheless, if this happens or if you made a mistake when you first applied for your EIN, or you want to cancel EIN for some specific reason, then you’ll have to mail a nullification letter to the IRS.
You can still acquire a new EIN for your Montana LLC even before you receive your EIN cancellation letter.
If you need our help acquiring an EIN to place high valued vehicles to your Montana LLC, we would be honored to help you. Please contact us today for assistance.