We’re in the business of helping you start your business! We have helped tens of thousands of people just like you form legally recognized businesses in all 50 states. As you consider your many options available we hope this information will provide you the information and peace of mind knowing what legal structure is right for your company and why it is important for your business loan applications.
A federal tax ID, also known as an Employer Identification Number, is a unique number assigned to your business by the IRS. A business will use its federal tax ID much like a person uses a Social Security Number. The IRS requires most business entities to use an EIN for corporations, partnerships, most LLC’s, and some sole proprietorship's. This federal tax ID number provides your business great benefits that help protect against identity theft, will go on your business loan applications and is often required before opening business bank accounts.