Employee Identification Number
Essential ID for Your Business
An EIN is a federal tax identification number used to identify your business. It is used to open business bank accounts, establish a credit profile, file tax returns, and hire employees. Our experts can help you file for your EIN today.
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Obtain Your Tax Identification Number with Eco-fyle
Why do I need Employee Identification Number (EIN)?
An EIN (Employee Federal Tax ID Number) is required for most business entities including multi-member Limited Liability Company (LLC), corporations, and partnerships. It may not be required by the IRS for businesses filed as a sole proprietorship or single-member LLC as your Social Security Number proves sufficient.
Identify Employer Tax Accounts
An EIN allows the IRS to identify the tax accounts of employers. Additionally, the IRS uses it to identify the taxpayers who are required to file various business tax returns.
Open Business Bank Accounts
Oftentimes, banks and credit unions will require a valid EIN before opening a bank account for any business type. An EIN also proves helpful when seeking financing or working capital.
Protect Your Social Security Number
By obtaining a federal tax ID number, you can begin making your Social Security number more private. Therefore, an EIN helps reduce the risk of identity theft as a result.
Build Business Credit
By obtaining an EIN your business can start to build a credit profile. Lending and credit agencies use the business EIN to track credit.
Frequently Asked Questions
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An employer identification number (EIN), also referred to as a Federal Tax ID number, is comprised of a unique nine-digit number assigned to you by the IRS. EINs are used by employers, sole proprietors, corporations, partnerships, non-profit associations, trusts, estates of decedents, government agencies, certain individuals, and other business entities.
You are permitted to use your Social Security number unless you hire employees, you file for bankruptcy, your LLC elects a corporate-style taxation structure, you have enough Keogh or solo 401(k) retirement plan, or when you purchase or inherit an existing business in which you plan to operate as a sole proprietorship.
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