WHY DO I NEED A EIN NUMBER AND WHAT IS IT?
A federal employer identification number identifies your business or nonprofit entity and is nine digits long. Your company will need it to do business. An EIN is unique to your organization or business.
A EIN Number is the Social Security number for your business. The IRS uses this number to identify your business and associate it with the correct business name for tax purposes.
As well as ensuring your business is compliant with the IRS and their ability to identify your tax returns, obtaining an EIN can help you run your business more efficiently.
Banks and other financial institutions usually require companies and non-profits to obtain an EIN before opening bank accounts or applying for loans. Most, but not all, states require new businesses to secure an EIN from the IRS before making tax payments. If you apply for an EIN at the beginning, some business ventures become much easier.
While the IRS only requires corporations and partnerships to obtain an EIN, every business should get one, especially if they pay employees. You have to have an EIN in order to legally pay your employees.
As a sole proprietor you are not obligated to pay others, so you can use your social security number for tax purposes if you choose. An EIN can be obtained for tax purposes if you wish.
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