What is the SS4/EIN/Tax ID number?
If you plan on opening a bank account under your LLC name, most banks will require that your corporation have a Federal Employers Identification Number. A Federal Tax Identification Number (also known as a “95 Number” or “EIN Number”) is a number assigned to a corporation or L.L.C. by the Federal Government for purposes of taxation. The EIN/Tax ID number can be thought of as a Social Security Number for your business. Most banks require that a corporation or L.L.C. obtain a Federal Tax Identification Number or EIN as a prerequisite to opening a bank account regardless of whether the company will have employees. In addition to being required to open a bank account in the name of the business, it is also required to properly pay and account for any wage/payroll employees of your company.
