%20or%20a%20Federal%20Tax%20ID%20number%20before%20it%20can%20think%20of%20starting%20its%20operations.%20Issued%20by%20the%20IRS,%20the%20number%20is%20nothing%20but%20a%20social%20security%20number%20for%20a%20business;%20that%20further%20establishes%20its%20legal%20status.%20Considered%20to%20be%20absolutely%20essential,%20without%20this%20federal%20tax%20ID%20number%20no%20business%20would%20be%20considered%20eligible%20to%20open...){kind=link}
Utility of a Business Employer Identification Number
Every business needs to get an Employer Identification Number (EIN) or a Federal Tax ID number before it can think of starting its operations
. Issued by the IRS, the number is nothing but a social security number for a business; that further establishes its legal status. Considered to be absolutely essential, without this federal tax ID number no business would be considered eligible to open a bank account. Moreover, any business without an established Employer Identification Number is not even permitted to legally hire an employee. And what's more, in real time only the EIN can be used to pass on any employee related information to the IRS.Process for getting an Instant EIN number
Despite everything , the process to obtain an EIN is very quick and simple when applied for online. The IRS with its interview style online application also saves you from the hassle of filling up a tedious SS-4 application. Requiring one to just give answers to the questions put forth by the IRS. And once all the validations are done from the side of the IRS, an EIN number would be given out almost immediately.
The process to get federal tax ID number applies to every such entity whose office or an agency, the principal business or the legal residence is located either in the US or the surrounding US territories. However, in order to become eligible for receiving the online instant EIN number the principal officer or the general partner must have a valid taxpayer identification number (Say for instance a social security number or an employer identification number).
Entities needing an Employer ID number
Almost every business entity needs an employee identification number. But for further clarification the IRS has demarcated the following entities:
Limited liability company (LLC)
Corporation
Partnership
Sole Proprietorship
In the last category, if the business is a sole proprietorship concern and has got no employees or does not file for any alcohol, excise, firearms tax returns and tobacco, then the need for an employer ID can be dispensed with.
Utility of a Business Employer Identification Number
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