What is an EIN and why do I need one?
An Employer Identification Number (EIN), also known as a federal tax identification number or FEIN or FEI, is a nine-digit number that the IRS assigns to business entities. • This number is used to identify a business entity and to identify taxpayers that are required to file various business tax returns. • A business will need to apply for a new EIN if the business is sold or is otherwise transferred. • You will need an EIN if you have employees in your new business. • Banks will require an EIN to open an account for all corporations.
An Employer Identification Number (EIN), also known as a federal tax identification number, is a nine-digit number that the IRS assigns to business entities. • This number is used to identify a business entity and to identify taxpayers that are required to file various business tax returns. • A business will need to apply for a new EIN if the business is sold or is otherwise transferred. • You will need an EIN if you have employees in your new business. • Banks may require an EIN to open an account for most LLC.
