What is a Federal Employer Identification Number (EIN)?
A Federal Employer Identification Number (also known as an EIN or a Federal Tax Identification Number) is a number assigned to a corporation or LLC by the Internal Revenue Service for purposes of taxation. A corporations EIN is analogous to an individuals Social Security Number, in that no two corporations (or businesses) are assigned the same EIN. Banks require that a corporation or LLC obtain an EIN in order to open a bank account regardless of whether the business will actually have employees.
