New startup questions

[wizash2]

Hi

I am satrting my business (LLC ,S) for Software consulting and have few questions:

1) I have a contract coming soon,and to open a bank account I need EIN. WHat is the quickest way to get EIN(Online?) and how soon I can get EIN? or are there any banks who offer Business account without EIN?
2) Can a (LLS ,S) have only 1 member shareholder?
3) What could be the compliations if Company is registersd in NJ and person lives in some other state(MA?).I have temporary address in MA and will be relocating soon due to new contracts.


Thank you very much in advance!
Akhil

[BNB]

I hate to repeat the cliche response... but you need to get an accountant to set this up for you. It's worth every penny.

[huggytree]

you need to setup your business a few months ahead of time....getting work first and then getting a EIN is backwards...

i had a startup list made out and a 2 month timeline to get it all done before i sought after work

an GOOD accountant can help you get what you need....i found a few bad ones that didnt want to help me get going...find one who cares and keep him

i dont remember getting my EIN over the internet...i doubt the fed gov is that sharp....i seem to remember it taking weeks to a month(im fussy on it)

[tmerrill]

You can get the EIN over the internet. The IRS also mails you hardcopies of the EIN documents, but will provide you with the number almost immediately. Go to this article to see a primer on tax ids (http://www.solosmallbusiness.com/small-business-setup/). There is a link to the irs.gov site where you get an EIN.

[wizash2]

Thanks all!

I have a doubt:

What could be the implications if someone lives in one state but has business registered in other state?

Thanks