Should I obtain an EIN before or after officially beginning my business?
After you officially open your business, there will be several times where you will need to have an EIN. There will be many essential milestones you will encounter that cannot be completed without an EIN. Therefore, you are in need to have it as soon as possible.
Why do I need an EIN?
Employer Identification Number – EIN, in other words, the Internal Revenue Service – IRS uses the nine-digit number to track the tax obligations of various legal entities.
When you get an EIN, you may do the following tasks:
– Hire employees
– Open a bank account for the company
– Apply for credit for the company
– Ask for local licenses and permits
As it has been shown before, it is very important for every point of the process to sustain the business correctly. The easiest and best way to get it is through an online platform. Other forms of application can last for roughly three weeks. If you apply online, you can begin using your tax ID number the next day.
If you lose your EIN, you may find it again by using the online portal to re-take your EIN for free.
Don’t wait any longer. Apply now. We are here at your service.