Applying for an EIN in Chicago: An FAQ
As a business in Chicago, you may consider obtaining an Employer Identification Number (EIN) to help manage taxes and identity2 min read
As a business in Chicago, you may consider obtaining an Employer Identification Number (EIN) to help manage taxes and identity. Obtaining an EIN may seem like a daunting process, or you may not know where to start. To handle your questions pertaining to an EIN application for a Chicago-based business, we have put together this guide.
What is an EIN and why is it necessary for a business in Chicago? An Employer Identification Number or EIN is a unique nine-digit number issued by the IRS that identifies businesses for federal tax filing purposes. An EIN is also necessary for businesses in Chicago in order to open a business checking account and hire employees. An EIN is also useful to apply for credit or loans, to authorize contracts to another business, to register with certain regulatory agencies, and to secure insurance.
Who needs to get an EIN in Chicago? Any business or organization established in the United States, either for-profit or non-profit, that has employees or will have employees, will need to get an EIN. Sole proprietors without employees may be able to use their Social Security Number instead. Sole proprietors with employees won’t be able to use their Social Security Number, and will need to get an EIN from the IRS. It is important to note that any business that plans to hire employees in the future must apply for an EIN at the beginning of the business’ life span.
What are the steps to apply for an EIN in Chicago? The first step to apply for an EIN in Chicago is to fill out the IRS application form (Form SS-4). The form can be filled out online or by mail. Online applications typically take less than 15 minutes to complete and are usually the fastest option. After the form is filled out, the IRS will issue the EIN within one to two business days.
How much does it cost to apply for an EIN in Chicago? Generally, it does not cost money to apply for an EIN in Chicago. Unless the business is not located in the United States, there is no fee to apply for an EIN.
Do I need to get an EIN if my business is located outside of the United States? Yes. Even if your business is located outside of the United States, you must apply for an EIN if you plan to hire employees in the US or to open a business checking account.
Where can I find a lawyer to help with my EIN application in Chicago? The best option for finding a lawyer to help with your EIN application in Chicago is to look for a lawyer on UpCounsel. UpCounsel has a network of experienced attorneys that can provide you with the legal services you need to complete your EIN application, as well as ongoing legal advice. Whether you need a one-time consult or an entire freelance legal department, UpCounsel is the best place to find experienced and knowledgeable attorneys to help you with the legal aspects of your business.