Businesses will need a Federal Tax ID number,
or an Employee Identification Number, called an EIN, to legally conduct business. This
is true whether your business is a sole proprietorship or a corporation. You need an EIN, which is
used to identify a business entity for tax purposes. Fortunately, the EIN is simple to
obtain. The IRS provides multiple ways to apply. Traditionally, you would fill out Form
SS-4, available for download from irs.gov, and mail or fax it to the IRS. There’s also
an online application. You have to complete the online application in one session, though,
so make sure you have all the necessary information handy when you start.
If you want, a third party is allowed to apply for your business’s EIN. However, that third
party must be authorized by the business, either by the sole proprietor or partners,
or by the corporation itself and not just an individual shareholder. An EIN is necessary
to legally conduct business, so it is important to obtain one. Call MyCorporation today and
let us help you get started!