Do I need an EIN before opening a business bank account?

Banks can ask for whatever they want, but for a single-member LLC you can often use your SSN. That said, most business banks will push for the EIN because it separates your personal credit file from the business. Privacy-wise, an EIN doesn't put your name in a public database.

This. The EIN application itself is not public. IRS doesn't publish it. The bank will have your info in their KYC files, but that's not a public record.

Wait, is that true? I though you could look up EINs somewhere. Maybe I'm thinking of the old EIN lookup tool for tax pros.

There's an IRS tool that confirms an EIN is assigned to a name, but it doesn't give you a list of owners. And it's not a general public search like a Secretary of State filing.

Practically speaking, get the EIN. It takes ten minutes online and avoids the awkward conversation at the bank where the account opener insists on it. Some banks will refuse without one even if legally you could use an SSN.

Not a lawyer, but I've opened three business accounts and every single one wanted an EIN. Two of them were single-member LLCs. Could I have argued? Probably. Did I want to spend my afternoon arguing with a banker? No.

The real real privacy question is the registered agent and the Wyoming filing, not the EIN. If your RA is solid and you're not using your home address, the EIN is basically a non-issue.

also, don't forget the bank will likely report the account under the LLC's EIN to the IRS. That's normal and not public. But if you're trying to hide income, that's a different problem entirely.

So the EIN doesn't expose ownership? I keep seeing mixed stuff online. Some say an EIN is basically a tax ID and nothing more.

Correct. It's a tax ID. The only peoplE who see the responsible party on the SS-4 are the IRS and maybe the bank if they ask for a copy. It's not filed with the state.

And for what it's worth, Wyoming doesn't require an EIN for the LLC formation itself. It's a banking, and tax thing, not a privacy thing. So if privacy is your only concern, get the EIN and move on.

One caveat: if you're using a virtual mailbox or registered agent address, make sure the bank accepts it as a business address. Some are weird about PO boxes, and CMRA addresses. That's more likely to trip you up than the EIN.