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How To Separate Business & Personal Finances in 10 Steps

December 27, 2022

Step 1: Get an Employer Identification Number (EIN)

If you haven’t applied for an EIN from the IRS, that should be your first step. Getting an EIN from the IRS is free, and it can be applied for online, by fax, or by mail. Even if you’re a sole proprietor or a single-member LLC, you can get one. If your plan is for your business to grow, then you’ll need one eventually. This will allow you to open accounts and apply for loans under your business EIN instead of your Social Security number.

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