EIN Requirements: What You Need To Know
One of the first things that your company will need to do after incorporation is acquire its federal tax identification number (also known as an Employer Identification Number and abbreviated “EIN”). The primary purpose of having an EIN is so that the IRS may easily identify your company, just as your social security number identifies you. This acts to streamline certain IRS imposed tax-related payments.
Do you need an EIN?
The quick version to this answer is: yes, almost certainly.
Your company will need an EIN in order to open financial accounts. Many invoicing processes utilize an EIN in order to keep company records organized, which means that you will need an EIN in order to pay your bills or to collect on debts. Hiring employees usually requires that you have an established EIN. And of course, taxed businesses must be identified by an EIN, in order to be in compliance with the law.
Please note that sole proprietorships and general partnerships must obtain a brand new EIN when taking on a new corporate structure. If you reform as an LLC or corporation, you’ll need to go through the process again.
Effortlessly obtain an EIN with our automated filing process and with the support and expertise of our team
State-level requirements
While the EIN is primarily only used by the IRS for federal tax-related reporting purposes, some states also require that all businesses file for a state-level tax identification number as well.
The process
In order to obtain an EIN, you will need to prepare Form SS-4 with the IRS on behalf of your business. This form must then be properly submitted to the appropriate agencies.
Individual Tax ID Numbers (ITIN)
If you do not have a personal social security number, you will need to obtain an Individual Tax Identification Number (ITIN) in order to obtain an EIN for your business. This process requires the filing of Form W-7 with the IRS.
Swyft can help!
Our EIN acquisition service can ensure that you have this number as soon as possible after incorporation and with minimal effort on your part. We can walk you through the necessary steps, and then connect you with our EIN service. Our EIN service can complete and file all documents required to complete this process for your company. Contact us today!
Frequently Asked Questions
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Swyft Filings charges only $49 + state filing fees to incorporate your business. Filing fees vary from state to state. If you have a question about a specific state, feel free to email or contact us at 877-777-0450.
No. For business filings, you paid the total price for your order at the time you placed it.
However, if you signed up for the Swyft Filings Registered Agent Service, you will be charged for this service when the state grants your company a Certificate of Formation. This recurring fee will be automatically charged to your account for each period the service is active unless you change your Registered Agent with the State or dissolve your company.
Orders are processed as they are received. However, clients that select Express Processing or Same Day Processing will have their orders processed before Standard Processing orders.
Incorporation times vary from state to state. Feel free to contact us by email or at 877-777-0450 for information on specific state processing times.
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