Why EIN (Employer Identification Number) Is Important For Your Business?

Whether you have recently started a new business or you already have an established business, you need to have a good standing corporate credit. With the excellent credit score, a business owner can be confident for his financial assistance when he needs. But, creating a strong credit score is not achieved in an instant, it needs time and effort to build strong credit as well as needs qualified legal identification. It is only possible with the EIN (Employer Identification Number). It helps you to open a business bank account and filing business taxes. Let us discuss what EIN is and why we need an EIN for a successful business.

What is an EIN?

EIN (Employer Identification Number) is a unique nine digit number assigned by the IRS to identify the business. A business owner can use this ID for bank account form, income tax forms, and for employment tax report. This number is also known as Social Security Number for an individual. Now the question is why we need this EIN and how we can apply the EIN. Read further in this article to know more about EIN.

Why Your Business Needs an EIN?

Whether you have one employee, number of employees or no employee, your business needs this Employer Identification Number because it can be used for many different purposes like:

Opening a bank account

Applying for a business license

Filing tax returns and payments

How to Apply for EIN?

Whether you are applying your EIN manually or online, you need to follow the same steps. You need to fulfill the SS4 form. This SS4 form contains several questions regarding your business and you have to answer all these questions. For the effective results, we suggest you to hire a registered agent. There are a number of companies available in the market that provides services for EIN registration and business registration. Register Company Forms is one of them, providing an EIN within one business day with 100% guarantee.