Why Do I Need an EIN?

Why Do I Need an EIN?

An EIN is a federal identification number given to a business by the IRS. It is also known as a federal tax number. You are legally required to identify your business with either a Social Security Number (SSN) or Employer Identification Number (EIN).

You usually need an EIN when:

  • You are hiring an employee
  • You are opening a bank account
  • You need to change your business type

If you are a single property owner, you can use your Social Security Number for all kinds of government forms or other official documents; yet, many small business consultants advise you to apply for an EIN.

Moreover, many banks require an EIN to open a corporate bank account. Our documentation experts can help you start your process when you are ready.

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