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Personal Finance · September 15, 2017

What Does Obtaining An EIN Allow Me To Do For My Business?

Do you remember the first time you had to show your social security card or write down your social security number on a form?  Perhaps you were applying for a driver’s license or filling out employment paperwork for a job.  Whatever the occasion, it certainly made you feel official.  A business entity needs an EIN number for official business, just like a person needs a social security number.  These are some ways you can get your business off the ground after you apply for EIN online:

What Your Business Can Do with an EIN

Without an EIN, the government will not recognize your business as operating legally in the United States.  Therefore, applying for an EIN should be your first step when you are starting a business.  You will need an EIN before your business can open a bank account.  You will also need to use it when your business files a tax return.  You cannot legally hire employees unless your business has an EIN.  In other words, you need an EIN for all major legal financial dealings.

How to Get an EIN

The process of getting an EIN is quite simple, considering how important an EIN is.  To get an EIN, all you have to do is fill out an application form online.  All U.S. citizens and permanent residents are eligible to apply for an EIN and open a business.  You will get an email confirmation with your EIN on the same day as you fill out the application.  Within a month, you will receive an official confirmation letter from the IRS.  Some banks let you open accounts with the email confirmation, but others require the official confirmation.

In short, an EIN lets you operate your business legally.

Filed Under: Personal Finance

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