Applying for an EIN: Everything You Need to Know
If you own a small business in New York, you may be wondering how to apply for an Employer Identification Number (EIN)3 min read
If you own a small business in New York, you may be wondering how to apply for an Employer Identification Number (EIN). An EIN is used by the Internal Revenue Service (IRS) to track your small business's financial information, such as taxes and payroll. The good news is that applying for an EIN is relatively straightforward. However, it is important to be familiar with the process and local regulations before you start. This article will provide you with the information you need to know about applying for an EIN in New York State.
What Is an Employer Identification Number (EIN)?
An EIN is a nine-digit number assigned by the IRS. It is used for various kinds of business-related activities, such as filing taxes, opening bank accounts, and setting up payroll. It is also used for other business purposes, such as applying for government loans, registering business Names, and obtaining business licenses.
It is important to note that an EIN is not the same as a Social Security Number (SSN); in fact, the two have different uses. An EIN is only used for business-related activities, while an SSN is used for personal activities.
Who Needs an EIN?
Any person or organization that operates a business in New York State should obtain an EIN. Some examples of businesses that need to apply for an EIN may include sole proprietorships, partnerships, corporations, LLCs, or non-profits.
How Do You Apply for an EIN in New York?
When it comes to applying for an EIN in New York, the process is relatively simple. There are two main ways to apply: online and by mail.
To apply for an EIN online, you will need to fill out Form SS-4 on the IRS website. After submitting the form, you should receive your EIN within one hour. It is important to note that an EIN obtained online cannot be used until it is verified by the IRS.
If you prefer to apply by mail, you will need to fill out Form SS-4 and mail it to the IRS. It typically takes about four weeks to receive your EIN by mail.
Keep in mind that you must have an EIN before you can start any business activity in New York. After you have your EIN, you will need to register your business with the Department of State, as well as with any other state and local agencies.
What Are the Documents Needed to Apply for an EIN?
In order to apply for an EIN, you will need to provide the IRS with certain documents, including:
• Your business name
• Your business address
• Your business phone number
• The type of business you own
• Your Social Security Number or Individual Taxpayer Identification Number
In addition to these documents, you may also need to provide additional information about yourself and the business. This could include your business license, information about any partners or owners, and details about the business's operations.
How Much Does It Cost to Apply for an EIN?
It is free to apply for an EIN online or by mail.
How Long Does It Take to Apply for an EIN?
It usually takes about one hour to receive an EIN if you apply online. It typically takes about four weeks to receive an EIN if you apply by mail.
Who Can Help With Applying for an EIN?
Many legal services can provide help with the process of applying for an EIN. Local attorneys or business lawyers can provide the expertise you need to ensure that your EIN application is correctly filed with the IRS. At UpCounsel, you can find experienced business attorneys who will be able to provide the help and guidance you need.
Applying for an EIN is a relatively straightforward process. Knowing the requirements and regulations that apply to your business in New York can help to make the process even easier. And when you need help understanding the process, don’t hesitate to consult an experienced business lawyer from UpCounsel.