An Employer Identification Number (EIN), also referred to as a Federal Employer Identification Number (FEIN), or Federal Tax Identification Number (FTIN), is very similar to a Social Security number (SSN) for your business. The distinctive nine-digit EIN number permits the Internal Revenue Service (IRS) to identify businesses for tax reporting purposes. An Employer Identification Number (EIN) is comparatively simple to get and a useful (and in some instances mandatory) entity when beginning a new business or starting a side business.
What Is an EIN and Is Your Business Required to Obtain One?
An Employer Identification Number (EIN) is required for some specific types of businesses and elective for others. But overall, an EIN is a necessity for independent contractors and small business owners. Gaining comprehension as to whether you need to apply for an EIN and the advantages that are acquired with possessing an EIN can give your business an upper-hand. The business entities and structures listed below are required to possess EINs.
- Limited liability companies
What is the Process Involved with Applying for an EIN?
You must establishing your business type before you begin the process of applying for an EIN. For instance, if you plan to operate your new business as an LLC, create the LLC prior to applying for an EIN.
If you require assistance in forming your LLC or applying for an EIN, Nevada Small Business Consulting can help. We will do the work to make your business official and help you to form an LLC. We are different than other legal consultants because there are no hidden costs. We offer complete packages with everything you need to open a legal LLC. This includes LLC, State Business License, EIN (possible 2253 form for S-Corp status), operating agreement and any county or city license required.
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