If you purchase an existing business or start a new business, one of the tasks you need to complete is getting an Employer Identification Number (EIN) or Federal Tax Identification Number. This number helps you file certain business taxes and is used to identify your business for tax purposes. You can get an EIN for most types of businesses such as corporations, partnerships, and limited liability companies (LLCs).

Every business in the United States must have an EIN. If you need legal advice to get your EIN, UpCounsel can connect you with experienced business lawyers in New York who understand local regulations. Read on to learn more about the process of getting an EIN for your business.

What Is an EIN and What Does It Do?

An Employer Identification Number is a unique identifier assigned to a business by the Internal Revenue Service (IRS). Your business needs an EIN to open a business bank account or credit card account, to hire employees, and to file certain types of taxes. An EIN is also used to identify a business for other federal needs, such as when buying and selling property.

Do I Need an EIN?

If you’re starting a new business, you need to have an EIN in your name. This number will help you to legally open a business bank account and will enable you to file the proper business taxes for your business.

Even if you’re not starting a new business, you may still need to get an EIN. UpCounsel’s network of experienced business lawyers can counsel you on when you need to obtain an EIN.

What Name Should I provide for the Business?

When you apply for an EIN, you need to provide a name for the business. The name for a small business entity will typically be the legal name that was used in creating the business. For a sole proprietorship, the name will be the name of the individual owner. For an LLC, the name will usually be the LLC’s legal or “doing business as” name.

In some cases, you may need to take additional steps to make sure the name you would like to use is available. UpCounsel’s experienced business attorneys in New York can help you register the name you’d like to use for a business entity.

What Information Will I Need to Provide When Applying for an EIN?

When you apply for an EIN, you’ll need to provide some basic information. You’ll need to provide the legal name of the business, the name and Social Security Number of the individual who will be responsible for filing and paying taxes for the business, the physical address of the business, and the type of business entity. You may also need to provide additional information such as the estimated date the business will begin operations and the number of employees the business has.

Can I Get an EIN if I’m Not Located in the United States?

You can get an EIN if you’re not located in the United States but meet certain qualifications. Generally, the business must be established in the United States and have operations within the United States. You’ll also need to provide a U.S. address, along with other information.

If you need help understanding the requirements to get an EIN if you’re not located in the United States, UpCounsel can connect you with experienced business lawyers in New York who have the expertise and resources you need to get an EIN while staying in compliance with the law.

Is It Possible to Obtain an EIN without Filing a Tax Return?

EINs cannot be obtained without filing a tax return. If you’re starting a new business, you will need to file a return at the beginning of the year to get an EIN. UpCounsel can connect you with experienced business attorneys in New York who can provide you with legal counsel and assistance when filing a tax return for the business.

Last ideas

Obtaining an EIN is an important step in starting and running a business in the United States. However, understanding the process to get an EIN and other legal requirements associated with owning and operating a business can be complicated. UpCounsel can connect you with experienced business lawyers in New York who understand local regulations and can provide you with the legal advice and counsel you need to get an EIN and successfully launch and operate your business.

Topics:

EIN,

Business Attorneys,

New York