Introduction
Well, hello there, my enterprising friend!
So, you have decided to plunge into the wild and wonderful world of entrepreneurship. Buckle up because you are in for quite the ride!
However, before you start fantasizing about corner offices and custom business cards, there is one pesky little chore you cannot afford to overlook: EIN registration.
EIN: Decoding the Mystery
"Hold up," you are probably thinking. What is an EIN?"
Fear not, for I am here to clarify this mystifying business terminology. An Employer Identification Number, or EIN, is your business's identification in the eyes of the government.
It is just like a Social Security number, only granted to your bouncing baby business instead of being linked to a person. But why, you may wonder, do you require this random string of figures? Oh, could you fill me with the ways?
Are you eager to submit business taxes? You can use an EIN. Want to open a new business bank account? You'd better keep that EIN on you. And do not even get me started on hiring employees: without an EIN, you are simply chasing cats.
Before You Begin: A Quick Overview of Preparation
I realize you are dying to obtain that elusive EIN, but wait!
Before you can even consider sitting down and filling out an application, you must say a few pre-requisite obscenities to set the scene.
First and foremost, choose your business structure. Are you a lone wolf venturing into the business world as a sole owner? Or do you need a partner in crime to form a dynamic duo?
And who could forget the ever-popular LLC: it is the Swiss Army knife of business structures. Each type has different pros and cons, so make sure you do your research.
Next up is naming your new business, baby. I know you have likely been punning and rhyming for months, but before entirely attaching yourself to the name "Fun puns deliveries," you better check if it is still available.
Finally, you must choose where to hold court. Do you intend to run your business from home or require a physical space to store your goods?
The decision could affect everything from taxes to zoning laws, so do not sign any leases without doing your research.
THE MAIN ATTRACTION: APPLYING FOR YOUR EIN
All right, folks, down to the main event: the actual EIN application! I know filling out government forms is a blast. Still, one thing the IRS does right is that this aspect is incredibly straightforward.
All you need to do is go to the website and answer the question about your business's legal name, principal address, structure, date of inception, employees, and principal activity. Once you have completed the Form, you will receive your EIN. Make sure to save or print the confirmation for records.
On the other hand, you can call the IRS at 1-800-829-4933 and answer some questions. You will need the same information as on the online Form. At the end of the call, you will get your EIN.
You can request a written confirmation notice by mail or fax. Additionally, you can fax the completed Form SS-4 to the IRS at 1-855-641-6935. The Form is downloaded and printed from the IRS website and filled out with the same information as the online Form. You will get your EIN in four business days. You can request a written confirmation notice to be sent by fax.
Lastly, you can mail the completed Form SS-4 to the provided address on the Form. The form is first downloaded and printed from the IRS website and filled out with the same FEMA online.
You will receive your EIN in four weeks and a written confirmation notice in the mail.
Learn More>
You've Got Your EIN…Now What?
Well, lucky you! You've successfully maneuvered through the EIN registration maze and come off victorious! Give yourself a pat on the back; you deserve it.
So, now that you have that coveted number, what's next? For instance, you first must ensure that you've safely kept the EIN just as your baby.
You shouldn't leave it lying everywhere; several copies should be kept where necessary.
Alright, that's all I've got.
Use your EIN wisely. Also, double-check the digits before hitting "submit" on any essential forms.
Relax if you ever find yourself stuck in a situation where you can't recall where you put that darn EIN. You can look it up on the IRS website or call them.
The best thing? It's not the first time they have heard of this issue!
Conclusion of EIN Registration
Starting a business and having an EIN are significant steps that require equivalent preparation, if not more.
By implementing the steps in this document, you can ensure that your business complies with all the legal and tax duties. And remember, an EIN isn't simply a number; it signifies the start of your entrepreneurial career and takes you to the big leagues.
I hope this document has contributed to your entrepreneurial journey and that it has been beneficial for you. Best of luck!
Additional Resources
Thank you for reading this article on EIN. We recommend these additional articles related to starting a business.
Learn More>
Comments