One individual can own an LLC, thus the name “single-member LLC.” Due to the limited liability protection offered by this form of ownership, the owner’s personal assets are not at danger in the event that the company is sued or accrues debts. Assets and liabilities of the LLC are distinct from those of the owner personally.
An LLC is privately held in this context. This indicates that the firm’s stock is not traded publicly and that the corporation is exempt from the requirement to make its financial information available to the public. The proprietors now have more autonomy and privacy over their company.
If you want to run an LLC in North Carolina, you must have a state tax ID. This is sometimes referred to as a resale certificate or a sales tax authorization. You can collect and send sales tax to the state using this ID. Online or postal applications are accepted for a state tax ID.
For the majority of firms, obtaining a federal tax ID number is also mandatory. Employer Identification Number (EIN) is another name for this number, which is used to identify a business for tax purposes. Applying for an EIN online through the IRS website is cost-free.
In conclusion, a single-member LLC can be owned by a husband and wife. With this kind of corporate structure, owners are given more privacy and control over their company as well as limited liability protection. You will require a state tax ID and it is advised that you also apply for a federal tax ID number if you intend to run an LLC in North Carolina.