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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You can form a corporation or LLC with our help for as little as $0, plus state filing fees for incorporation. Filing fees vary depending on the state you incorporate in. For more information on specific states, check out our state guides on the Swyft Resource Center. You can also email us with specific questions or contact us at 877-777-0450.
Swyft Filings accepts payment through Visa, MasterCard, American Express, PayPal, checks, and money orders. You can send any questions about payment to our email address or contact us at 877-777-0450.
It depends on what you ordered. If all you did was file your corporation or LLC, the price you paid when ordering is all you pay. You will have no further fees after that.
However, if you signed up for the Swyft Filings Registered Agent Service, you will be charged its initial fee three days after you place your order. From then on, you will be charged according to the terms of your subscription until you change your registered agent with the state or dissolve your company. If you change your agent or dissolve your company on your own, let us know so we can discontinue billing.
Other potential subscription-based options include SnapMailbox, 360 Legal Forms, and ComplianceGuard. If you opt for SnapMailbox or 360 Legal Forms, you will be charged a monthly fee after their respective 30-day free trials end. ComplianceGuard has an annual fee after a 14-day free trial. All three of these services are completely optional.
Our team processes all Standard orders on a first come, first served basis. If you opt for Express or Same-Day Processing, we prioritize your order and send it to the front of the line. However, no matter how fast we get it out the door, you’ll still have to wait for your state to address your filing.
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