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Do I need an ITIN? A guide for LLC and Corporation members

Foreign members of LLCs must obtain an ITIN to file individual tax returns, while corporate shareholders are exempt. Although not required to start a business, an ITIN can be useful for banking, marketplaces, and other financial processes.

Do LLC Members Need an ITIN?

Yes. If your company is an LLC—whether a Disregarded Entity or a Partnership—all foreign members must have an Individual Taxpayer Identification Number (ITIN) to file their personal tax returns.

  • You don’t need an ITIN to start your business.

  • If members are not required to file an individual tax return in a given year, they don’t need an ITIN for that year.

  • Each member must obtain their own ITIN, as it is unique to the individual.

  • ITINs are primarily for tax purposes, but some banks, marketplaces, and financial institutions may also require them during registration.

Tip: While not immediately necessary, applying for an ITIN sooner rather than later is recommended, as it is widely used in U.S. financial and tax processes.

Why Don’t Corporation Members Need an ITIN?

Corporation shareholders do not need ITINs because corporations file taxes at the entity level, not the individual level.

  • The ITIN is only required for foreign individuals who must file U.S. tax returns.

  • Corporate members are taxed when profits are distributed, but they are not required to file individual returns solely due to ownership.

  • Some banks or platforms may still request an ITIN for account setup, but its primary function remains IRS identification for tax purposes.

If you still have any questions or need further assistance regarding this topic, we are here to help!
 
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