As an entrepreneur with a vision, you can expand your business to the United States and get your EIN Number after forming your company in the US. Because establishing a company in the USA, one of the largest markets in the world, can be a great opportunity for you. However, establishing a company in this country is only one of the first steps in this effort. Following incorporation of a company, one of the first things to do is probably to obtain a federal tax ID from the Federal Revenue Authority (IRS). This tax number, which is obtained at the end of the EIN application process, is known as the EIN.
What is a Company’s Tax ID?
The EIN is a unique number assigned to every business operating in the USA for identification and tax purposes. In a way, EIN is a number for an identification business, like a SSN (social security number) held by legal entity persons, which gives the legal entity its own identity to keep it separate from individuals. This number is especially useful when you hire employees, obtain special licenses and local permits, and open a bank account.
As a rule, every Inc. or LLC must have an EIN number. Not all businesses need to have an EIN number, though. Businesses that are not legally separate from their owners do not need an employer identification number. Before EIN application, you should make sure you need a tax number for your business.
Give the IRS brief information and details about what your LLC will do. If the food industry is selected as the category, you should give a brief description of the activities.
In the application process, the IRS wants to know who to contact from your company. This person can be found anywhere in the world. For example, people such as LLC company members, managers, accountants, or lawyers may receive notifications about the EIN application.
How is Your LLC Taxed?
If your LLC has more than one member, it is automatically classified as a partnership. If your company is your only company, the company is classified as a sole proprietorship for federal tax purposes. The meaning of this classification is that the assets will be protected in terms of LLC expenses. However, the taxation procedure will not change for multi-partner or sole-owner companies.
Let’s say the following within the scope of EIN application: Multi-partner or sole proprietor LLC companies fill out the same federal tax forms for their tax statement. In addition to these; The IRS can tax an LLC as an S corporation or C corporation.
Who Can I Get Support for EIN Application?
Professional consulting firms help you to get EIN number from the IRS for your company at a very affordable price. With their easy and fast service, these companies save you from dealing with confusing IRS forms and procedures. So you benefit from professional customer support. In this way, you will receive your EIN number within 2-3 weeks after the EIN application.
If you set up your company in the USA with support from expert and experienced consulting firms, you will save time in obtaining the federal tax (or employer) identification number (EIN).
You only need to tell the consultancy companies that you want to get an EIN number and which application type you have chosen. The consultancy firm takes care of all the rest.
Basically, it is very important that the EIN application process is done immediately after the establishment of the firm and as soon as possible. The fastest and most convenient way to apply would be to apply online, as other forms of application can take weeks.