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Question – I’m starting a Transport business in a few months but I wanted to get my EIN # for bank and DOT reasons to be ahead of the game. Would it be a good or bad idea?
Our Answer –
I’m not an attorney, but given the cost of equipment and the potential for injury either an LLC or corp would be something to look into for any transportation business. By having an entity like a LLC or corp, you will have to obtain an EIN. Do the EIN after forming the entity though to be sure the name of the entity and the name you put down for the EIN match. If you start as a sole proprietorship, you can simply use your SSN, but you can also get an EIN if you would rather not disclose your EIN to vendors.
The EIN takes just a few minutes to fill out and if you do it online, you get a number back almost immediately. Since you get it back so quickly, there isn’t a huge rush to get it now, unless you have to to square up licensing, insurance, etc. There’s no harm in getting it now however as there is no cost associated with it.