Getting EINs from the IRS

Updated by Sanjay Vora

One of the first steps for setting up your private fund is to get EIN numbers for both the fund entity and the management entity from the IRS.

You can obtain your EIN instantaneously online at: 

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online  

Make sure you do not inadvertently use another service (there are many that try to look like the IRS.gov website) or they will charge you and the IRS online service is free. 

Two separate EINs will be required. One for the fund and one for the management entity. The IRS website only permits getting one EIN per day so you will need to do this process over 2 separate days.

NOTE #1:  The names for both the fund and the management entity must be final before applying for EINs.

NOTE #2: When asked, it is important to say request download of the EIN letters, not mailed to you.

The following are the steps:

  1. Select “Begin Application” 
  2. For legal structure, select Limited Liability Company (LLC) unless you are setting up a Limited Partnership for a specific reason.
  3. In the Tell us more about the members of the LLC,
    1. For number of members
      • Fund entity – use 2
      • Management entity – use the number of managers in your entity
    2. For physical location, select the state you live in
    3. If you receive a notification about a community property state and if the members are a husband and wife, select NO for the fund entity and select the appropriate answer for the manager entity.
  4. For the reason for requesting an EIN, select “started a new business”
  5. For the responsible party for the LLC, put in your personal information
  6. Select "I am one of the owners, members or the managing member of the LLC"
  7. For the state/territory where business is physically located, answer as follows:
    1. Fund entity – select the state that you will be forming the fund in
    2. Management entity – select the state that you will be operating from
  8. For Tell us about the LLC,
    1. For legal name, it must match the state formation documents.
    2. The county/territory where the LLC is located, you must select the county/state where LLC is filed. For example, for Wyoming, the county is Larimar & Wyoming
    3. Select Start date as the current date
  9. In Tell us more about the LLC, select the appropriate answers
  10. For what does your business or organization do, select Other
    1. Fund entity - write in investment fund
    2. Management entity - write in fund manager
  11. For how do you want to receive the letter, select Receive letter online and then download the letter and save it to your PC.
  12. Email the IRS letters to Avestor

 Reach out if you have additional questions.

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