While an EIN (Employer Identification Number) isn’t required the moment you form your business, you’ll likely need one soon—especially if you’re planning to set things up the right way from the start. An EIN is essential for opening a business bank account, hiring employees, and keeping your personal and business finances separate.
EIN stands for Employer Identification Number. Issued by the U.S. Federal Government, an EIN is a nine-digit number that is unique to your business. Like your social security number uniquely identifies you, your EIN uniquely identifies your business. You can apply for an EIN on the IRS website or you can let LLC Attorney can handle that for you!
When you start a business and form your LLC (or corporation), you'll most likely want to create an EIN because it facilitates many of the other parts of running a business.
You need an EIN to:
Having an EIN makes it possible to get approved for a business bank account, and a business bank account can help separate your personal and business finances—an important step in protecting your liability shield and staying organized. Many business owners get one early on so they can start off on the right foot and avoid delays when setting up essential services.
Foreign filers must have an Individual Taxpayer Identification Number (ITIN) before obtaining an EIN online. A foreign EIN can take 4-6 weeks or more to obtain.
If you’re a foreign filer without an ITIN, you can still receive an EIN by filling out and mailing or faxing an SS-4. To run a legitimate business, foreigners must pay income tax and file tax returns.
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