Most startups, entrepreneurs, and business owners do not know enough about their Employer Identification Numbers. This article is written to inform you of this vital component of your business set up process that can save you headaches later on down the road. Here is some general information for those who are not familiar with the issue of Employer Identification Numbers (EINs).
In order to take your business seriously, the EIN number must be registered. This will help you to stay out of trouble with the Internal Revenue Service (IRS), which has recently been cracking down heavily on entrepreneurs who are not savvy and on top of these organizational issues.
The newest most up to date laws now state that the EIN is an identification number that is a must-have for any business to operate in the US. This is because the IRS is now getting serious about tax evasion in their country. Every business owner now needs to be registered with this number in order to operate a business and secure income through the US. This is like a social security number that distinguishes between tax payers.
This nine digit number is used to distinguish between businesses and business owners. It allows the IRS to track the taxes payable via each business. It is very useful for tax filing and reporting quarterly and annually. All of the following business types should have an EIN in order to legitimately conduct business in the US: 1. Sole Proprieters2. Non-Profit Organizations 3. Government Agencies. 4. Corporations.
The most important reason for having an EIN is to protect you the business owner from identify theft, which is occurring more and more regularly in this economic environment. This can help protect you, and your business from identify theft. This issue has been a major issue in the US today. Sometimes identity thefts have stolen social security numbers in order to get tax refunds under the person’s identity.
Keeping your EIN number private is the most important thing online. If you provide your EIN, this is much safer for you as an individual, or as a business.
Having an EIN can also help to distinguish you as an employer versus as an employee. When you do business to business sales, mergers, or partnerships, it’s important to be able to distinguish this on paper. The EIN number is a simple way to communicate this relationship and status.
It also gives a command of your audience, so that they can trust you as being the employer in order to be able to get lucrative deals closed. Being able to distinguish yourself from employees is equally important if you have employees working under you.
Tax deferred pension plans called the Keogh Plan are also important for when you are wanting to establish this type of plan. If you are interested in changing your business structure, this is equally important to use the EIN number.
During the course of your business planning you may want to go into a new partnership, become a sole provider, or become a corporation. This may mean that you need to use your EIN to identify your business. If there are mergers or acquisitions, this is also important to note.
If you open a bank account in the business name, want to withhold taxes, want to be involved with other organizations with EIN numbers in partnership, if you are under a corporation name, and if you are needed to do any other paperwork documentation procedures, the most important factor is to have a recognizable EIN number which will help you to streamline all of these processes.
Basically when you try to do any banking including getting a business credit card, you must produce the EIN number. The most important thing for getting any of these perks for the business is a great history of paying taxes. This forms a strong basis for evaluation to determine whether you qualify for extra services via the US government programs. For even something as simple as holding a business permit, you must start with having an EIN.
Our services help you to secure an EIN. In order to get one, you can use an online filing service. We can also help to consult around the EIN and the IRS regulations. We also help you to get all professional documentation together in order to secure your EIN.
Once all of your documents have been submitted, you are able to receive your number anytime between 7-10pm, from Monday to Friday. Your EIN will identify only you, and your business. This is not transferrable to any other business or individual.
By registering your EIN at the same time as incorporating your business, you are able to become official both for tax purposes and for business purposes. This keeps all of the documents in one place and the timing of the documents processed at the same time. This is great for organizational upkeep annually.
Our service offers corporate form processing, full federal tax identification number and EIN processing online. We help to consult with the process and answer any questions for you along the way. We are also fully approved and certified IRS checked agents that process this for you. Our services are regulated by the IRS and the US government to be timely, efficient, accurate, and secure. We are not lawyers. We do the paperwork processing for you and we do it right the first time.
Ensure the future success of your business by starting off on the right foot. Have your EIN registered so that you can go straight to the bank to get your business bank account opened, your business credit card established, and further services you may need in order to grow your business in a stable way, successfully. Most businesses take a lot of hard work to set up. We can help you set up the basics quickly and easily.
We can also guide you in the right direction for your future EIN usage and tax filing resources. When you get your EIN in tandem with your corporation certificate, you are officially certified to start working with partners, banks, potential customers, and employees in a legitimate way in the United States.