How to Get an EIN Number & Legal Questions in Chicago
When starting a business, applying for an employer identification number, also known as an EIN, is an important step3 min read
When starting a business, applying for an employer identification number, also known as an EIN, is an important step. As a business owner, having an EIN number can help you open up important accounts, conduct business transactions, and apply for loans. In Chicago, where local regulations and other legal laws may be specific to the city, business owners should seek out the best counsel to understand their obligations for registering an EIN.
Getting an EIN can be a confusing process for a new business owner, especially if you're just starting out in Chicago. For one, it can be difficult to understand the local regulations when registering for an EIN. Secondly, it's important to make sure the correct paperwork is filed with the right authorities in order to get an EIN number. In this article, we will discuss what an EIN is, how to apply for an EIN in Chicago, and provide a list of FAQs about registering an EIN in the city.
What is an EIN?
An EIN, or employer identification number, is a unique, nine-digit number assigned by the Internal Revenue Service (IRS) to identify your business. This number is used for a variety of reasons, including: tracking wages, employment taxes, filing tax returns and paying taxes.
Who is eligible for an EIN?
In order to be eligible for an EIN, you must own either a sole proprietorship, partnership, limited liability company, or corporation. The individual applying for the EIN must also have a valid Social Security Number (SSN) or Employer Identification Number (EIN).
How to Apply for an EIN in Chicago
In order to apply for an EIN in the city of Chicago, you must fill out form SS-4 and submit it to the IRS. This form can be filled out either online, by mail, or by fax. Once you have filled out the form, you will need to wait a few days for the IRS to process it and assign you a number.
Frequently Asked Questions (FAQs) About Getting an EIN in Chicago
Q: How much does it cost to get an EIN?
A: The IRS only charges a $16 fee per EIN application, however, there may also be additional costs associated with filing other paperwork.
Q: How long does it take to get an EIN?
A: Generally, your EIN application will be processed and you will receive your EIN number within two weeks of submitting your application.
Q: Are there any special requirements for getting an EIN in Chicago?
A: There are no special requirements to get an EIN in Chicago, however, you may need to file additional paperwork if you plan on doing business in other states.
Q: How can I get help filling out the forms?
A: The best way to get help with the forms is to speak to a licensed professional who is familiar with local regulations and can understand your unique business needs. Law firms such as UpCounsel are equipped with experienced attorneys who can help guide you through the process of filing for an EIN in Chicago.
The bottomline
Getting an EIN is an important step when starting a business in Chicago. It can be a confusing process, as there are a lot of forms to fill out and local regulations to consider. For this reason, it's important to get help from professionals who understand the unique business needs of the city. With the right guidance, getting an EIN in Chicago can be a straightforward process.
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