Tuesday, July 7, 2009

Acquiring an Employer Identification Number


Many small businesses fail to get a seperate Employer Identification Number (also called an "EIN" or a Tax Identification Number - "TIN). And that is a BIG MISTAKE! Your business should be seperate from you as an individual, and as such, it should have its own identification for IRS purposes. The Small Business Administration has a web page that takes you through the process of getting an EIN and explaining why (and if) you need one.
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"An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service. You must check with your state to make sure you need a state number or charter.


Check out our Interview-style online EIN application. No need to file a Form SS-4! We ask you the questions and you give us the answers. The application includes embedded help topics and hyperlinked keywords and definitions so separate instructions aren’t needed. After all validations are done you will get your EIN immediately upon completion. You can then download, save, and print your confirmation notice. It’s fast, free, and user-friendly!

Change of Ownership or Structure Generally, businesses need a new EIN when their ownership or structure has changed. Refer to "Do You Need a New EIN?" to determine if this applies to your business."


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This information can be found at the SBA web site: here.
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