If you have a FIEN, use that vs. your SSN. It is very easy to go online (irs.gov) to get your FIEN in real time.
PLEASE DO NOT underestimate Mike`s advice about have a seperate checking account. I have seen too many businesses not do that only to cause massive heartache for the ownwer. I will add that even if you don`t get a seperate credit card for your company, you should submit an expense report to the LLC and get reimbursed. Seperating expenses is very important to the IRS.
For contractors, you should get their FIEN or SSN. You need that to produce 1099`s.
The IRS is paying attention to this more and more as there is less revenue collected from contractors. If you have only contractors earning large amounts and no employees, the IRS may try to prove you are mis-classifying empolyees as contractors. The IRS is also paying attention to 1099`s to match up the revenue the contractors should be reporting.
KenRogers6/30/2009 5:19 PM