How to Get Started on How to Get an EIN Number in Chicago
Getting the Employer Identification Number (EIN) is an essential part of the process of starting a business in Chicago2 min read
Getting the Employer Identification Number (EIN) is an essential part of the process of starting a business in Chicago. A Chicago based business needs an EIN to open a bank account, to get an employer ID, and to pay federal taxes and other taxes. Your EIN is similar to your Social Security Number; you need to provide an EIN to employees since it uniquely identifies you as an employer.
The first step in getting an EIN in Chicago is to determine whether you need one. This is a key part of the process since it will help you know which of the several ways in which you can apply for an EIN. Generally, all businesses that will have employees are obligated to obtain an EIN. Sole proprietors, corporations, partnerships, LLCs and other business structures must get an EIN in order for the business to pay taxes.
The second step is to check if you already have your own EIN. You can request an original, replacement, or lost EIN online or by mail. You can also check with the Internal Revenue Service for your existing EIN if you filed taxes before. This variety of options makes it easier for businesses in Chicago to complete the process of obtaining an EIN without needing to take any extraneous steps.
The third step is to make sure you have all the necessary documents to obtain an EIN. The required documents vary from one business structure to another. The documents typically include articles of incorporation for corporations or other documents that contain required information such as the names of the owners, the organizational structure and the type/kind of business.
The fourth step is to submit the application form for the EIN. To do so, you’ll need to contact the IRS either by phone, online, or by mail. Depending on your preferred mode, the form for the EIN may be printed or filled out online. Make sure that all the information is filled out correctly – mistakes on the application may delay the process of obtaining the EIN.
The final step is to receive the EIN. You will receive your EIN via email or by mail. Be sure to keep the EIN number safe, as you’ll need it to open a bank account and to pay taxes.
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