EIN is a federal identification number given to the business by IRS. It is also known as federal tax number. You are legally required to identify your business with one of those: Social Security Number (SSN) or Employer Identification Number (EIN).
You usually need EIN when:
- You are hiring an employee
- You are opening a bank account
- You need to change your business type
If you are a single property owner, you can use your Social Security Number for all kinds of government forms or other official documents; yet, many small business consultants advise you to apply for an EIN.
Moreover, many banks require an EIN to open a corporate bank account. Our documentation experts can help you start your process when you are ready.
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