Frequently Asked Questions About EIN Numbers for New York Business Owners
Lawyers provide excellent legal counsel to business owners on the regulation and legalities of their businesses, including obtaining an EIN number2 min read
Lawyers provide excellent legal counsel to business owners on the regulation and legalities of their businesses, including obtaining an EIN number. For those unfamiliar with this process, this article provides answers to frequently asked questions about EIN numbers, also known as an employer identification number, in the New York area.
What is an EIN Number?
An EIN number is an Employer Identification Number, a unique set of nine digits assigned to a legal business entity by the Internal Revenue Service (IRS). The number is used to identify a business’s tax accounts, though in cases where businesses are registered with a state, the assigned EIN number may serve as an employer identification number. The EIN number is required for most business owners before they can open a business banking account or process employee payroll.
Is There a Cost Associated with an EIN Number?
No, an EIN number is a free identification number assigned to a legal business entity by the Internal Revenue Service. Companies may open bank accounts and process payroll, but won’t need to pay a fee to acquire an EIN number.
How Do I Get An EIN Number?
You can easily apply online for an EIN number through the IRS website, or you can choose to apply by fax or mail once you have the proper documents. When applying, you’ll need to provide your business name, address, and contact information. It typically takes up to two weeks to receive an EIN number.
Will a Lawyer Help Me Obtain an EIN Number?
Yes, a lawyer can help you obtain your EIN number. A lawyer who is familiar with the laws in your state can be the best person to help you apply for an EIN number. They can guide you through the entire process and ensure that all requirements are met.
Can I Change My EIN Number?
Yes, you can change your EIN number if your business structure or ownership has changed significantly. You’ll need to obtain a new EIN number from the IRS, but you’ll still need to use your old EIN with the federal government and most state governments. You may also need to obtain a new EIN number if you want to open a business bank account or process employee payroll with a new employer identification number.
Do I Have to Renew My EIN Number?
No, EIN numbers do not need to be renewed. An EIN number is valid for the life of the business, unless significant changes are made to the business structure or ownership.
In Summary
An EIN number is an Employer Identification Number assigned to a legal business entity by the Internal Revenue Service. You can easily apply for an EIN number online, and you can also get help from a lawyer in the New York area if needed. An EIN number may need to be changed if there are significant changes in business ownership or will be used to open a business bank account or process payroll. An EIN number does not need to be renewed.
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