Your dreams are about to come true as you begin to fill out the forms to launch a business, open a corporate bank account or apply for a business loan. It is at that moment you find yourself in a quandary as you stare at the form before you. It is asking for your company’s EIN and you don’t have one. Therefore, in order to finish your business, you need one. So, what is the mysterious EIN and what do you need in order to get one?
The EIN is a nine-digit number associated with the identification of a business, company, or corporation. It is also known as a federal tax ID number or employer identification number. It is issued by the IRS and used by the government to determine company taxes due. It is also required by banks, loan officers, vendors, and numerous other companies you may do business with.
The rules are pretty simple. Your business must be located within the United States or one of its territories. Also, you are required to have a valid identification number with the IRS. This can be any one of the following:
- SSN (social security number)
- ITIN (individual taxpayer identification number)
- EIN (from another business)
Next, you fill out the EIN form, the IRS processes the data and if your company, business or corporation qualifies, the EIN is issued. It sounds daunting, and it can be just that. For that reason, you can apply for an EIN online with GovDocFiling. All you have to do is click here to begin the process.
Once you have been given your EIN, it is yours for life. If you forget the number, call the IRS and ask for a reminder. If some date in the future you decide to close your business, contact the IRS and ask them to close your business account. The EIN is always yours, however. It will never be reassigned.