Frequently asked Questions
LLC - EIN - Virtual Banks
What is an LLC?
An LLC, or Limited Liability Company, is a type of business entity which offers personal liability protection for its owners, known as "members," and allows for pass-through taxation. In LLC, the business's profits and losses are taxed at the individual member level rather than at the corporate level.
What is an EIN?
An EIN, or Employer Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify a business for tax purposes. It is used for the purposes of reporting employment taxes in USA.
How do I get an EIN?
To get an EIN, you can apply online through the IRS website, by phone, or by mail. To apply online, you will need to provide information about your business, such as its legal structure, primary business activity, and the name and social security number of the owner or principal officer.
Can I get EIN without SSN?
Yes, if you want to apply for EIN without SSN, You must use Form SS-4 for application and then fax it or mail to IRS.
How much time it takes for EIN?
Generally, if you've SSN and you applied online, it will take around 24 - 48 hours. If you applied through Form SS4, it may take around 7 to 14 working days to arrive.
What is a virtual bank?
A virtual bank is a type of financial institution that operates online, rather than through physical branches. Virtual banks offer a range of financial products and services, such as checking and savings accounts, loans, and credit cards. Using Virtual Banks, we can send and accept payments from all around the world online.
Can I open a business virtual bank account in USA if I am not a US citizen?
It is possible to open a virtual bank account if you are not a US citizen, but it may require US LLC or Corporation, an EIN Number, US mailing address or a US phone number. It is also possible that you may be required to provide additional documentation, such as proof of identity and proof of address, in order to open an account.
Can I deposit cash into a virtual bank account?
It is generally not possible to deposit cash directly into a virtual bank account. Virtual banks typically only accept online/electronic deposits, such as direct deposit or transfers from other bank accounts.
USA States and LLC
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