What is an EIN Number?
An EIN is an Employee Identification Number, also known as a Taxpayer Identification Number (TIN). This number is issued to businesses by the Internal Revenue Service for the purposes of identifying tax accounts, serving as their business ID for tax purposes. An EIN consists of two digits, a dash, followed by seven digits. (e.g., 11-1111111)
What types of businesses require an EIN Number?
An EIN is issued to any businesses that have employees, including sole proprietorships, partnerships, LLCs, S Corporations, C Corporations, non-profit associations, trusts, certain estates, government agencies, and even certain individuals.
How do I know if I need an EIN Number?
An EIN basically serves as an Business ID for the IRS. If your business has employees, you are required to have one, as is any business who plans on hiring employees in the future. An EIN allows you the benefits of being a business entity separate from your personal identity, which means that you can keep your personal assets separate by using your EIN in place of your Social Security number.
How do I apply for an EIN?
You can apply for an EIN through the IRS, either online, by mail or by phone. The process is simple, and when you will receive your EIN will depend on the method through which you applied.
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