Have a question? We have answers.
WHAT IS IT?
A nine-digit number issued by the IRS as a unique identifier for your business—just like your Social Security Number is a unique identifier for you.
Some people may also refer to an EIN as a TIN (Tax Identification Number) or FEIN (Federal Employer Identification Number), you know, just to keep things confusing.
WHY DO YOU NEED IT?
The IRS requires businesses of almost every type to have an EIN, including...
• All corporations
• Most LLCs
• All general and limited partnerships
• Any business with employees
Exceptions include sole proprietorships and single-member LLCs—if they don’t have any employees—in which case, the IRS will allow the owner to use their personal Social Security Number instead. Just be aware that some banks, lenders, etc. are buzzkills and may require you to have one even if the IRS doesn’t, so you may find it's best to get one anyway.
Aside from filing your taxes, your business may also need an EIN to…
• Open a bank account
• Apply for a loan or credit card
• Secure investors
• Open accounts with vendors
• Obtain/renew some licenses and permits
• Apply for S Corporation status with the IRS
HOW DO YOU GET IT?
IncBig can obtain your EIN for just $79. With our BrightDocsSMForm Preparation, you can enter all of the required information and sign your application online. After reviewing your application for potential issues, we’ll process it and deliver your new EIN to you electronically—usually in as little as 1 business day.
- Diana C.