Forming Your Real Estate Investing Business – Part 5
How To Get Your Employer Identification Number
A lot of people ask us if they really need an Employer Identification Number (EIN) to do business. Well, the answer is yes and no. Yes, most business types are required to obtain an EIN. Sole Proprietors with no employees are not required to get an EIN. However, it is highly advisable that ALL BUSINESSES get an EIN. Why? Simply because if you don’t, you will be using your own social security number to identify your business. To protect you and your credit, get an EIN so you don’t have to use your social security number on your business bank accounts, legal paperwork, and in other places. Even if you don’t have any employees, get an EIN.
To get an Employer Identification Number all you have to do is complete the IRS form SS-4 and send it to them. The IRS makes it rather easy for you to submit your form. You can submit it by phone, online, mail, or fax.
To obtain your EIN, go to the IRS website link below and follow the directions. As of now not all entities can apply online.
"Entities that May Not Apply Online : The online application process is not yet available for the following types of entities: Foreign Addresses (including Puerto Rico), Limited Liability Company (LLC) without entity types, REMICs, State and Local Governments, Federal Government/Military, Indian Tribal Government/Enterprise. Please call the toll-free Business and Specialty Tax Line at 1-800-829-4933 should you need assistance applying for an EIN. Foreign Addresses (addresses outside the continental USA, Alaska and Hawaii) call 215-516-6999."
Click here >> For IRS Website
The process of obtaining your EIN is simple and relatively fast. Fill out the form and get it sent to the IRS as soon as you have your business registered. Don’t wait, because the longer you wait the more apt that you will not get it done at all!
