File For An Employer Identification Number (EIN)

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What is an Employer Identification Number?

An Employer Identification Number (EIN) is a unique number issued by the IRS to businesses for the purpose of filing taxes. It is also known as a Federal Employer Identification Number (FEIN), Employer Identification Number (EIN), or Federal Tax Identification Number. This number is used to identify a business entity and serves a similar purpose to an individual's Social Security Number. Unlike SSNs, EINs are less sensitive and thus can be used more widely on government forms and documents, which reduces the risk of identity theft.

What are the benefits of filing an EIN application?

Establish a Credit Profile

By filing for an Employer Identification Number, businesses can create a separate credit history from that of their proprietors or shareholders.

Hire Employees

The Internal Revenue Service mandates that all businesses must obtain an Employer Identification Number before they can begin to employ staff.

Open a Bank Account

In order to establish a bank account for a business, it is typically necessary to have an employer identification number (EIN).

Employer Identification Number

When should I file an EIN application?

It is advisable to apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) once your business has been legally established. Applying for an EIN implies to the IRS that your business is up and running.

Do I need an EIN if I don't plan on hiring any employees?

Once you have established your business, it is now a separate legal entity with you as an employee. Your Social Security Number (SSN) can still be utilized for identification purposes, however, you must also obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS).

This is due to the fact that the IRS needs to be able to track the business, guarantee the collection of payroll taxes, and process the company‘s tax returns. If you are running your business as a partnership, you will be obligated to have an EIN since the social security numbers of both partners may not be used. More information on the requirements can be found on the IRS website.

Who needs an EIN?

Obtaining an EIN is advantageous for a lot of small businesses, but in certain cases it is an absolute necessity. If you are going to hire staff, run a corporation or partnership, open a business bank account, pay excise, alcohol, tobacco, or firearm taxes, withhold income tax for nonresident aliens, or change your company‘s structure, then you must get an EIN.

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Employer Identification Number (EIN) Package

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