![]() ![]() Having an EIN also allows you to build the business's credit score, which is separate from your personal credit score. When reviewing loan applications, some lenders prefer to see an EIN rather than a Social Security number. ![]() An EIN allows you to keep your personal information safe-without an EIN, you will use your social security number on your business filings and accounts.Īn EIN might benefit your business financially. If you plan to have an EIN in the future (perhaps you're considering hiring an employee, but not quite yet), it's a good idea to submit your application now to avoid the hassle of changing account numbers later. Benefits of an EINĮven when not required, you may apply for an EIN for any business. However, some banks require businesses to have an EIN to before they can open a bank account. Single-owner companies, including sole proprietorships and single-member LLCs (SMLLCs), do not need an EIN unless they have employees, file one of the above-mentioned tax returns, or maintain Keogh plans (a Keogh plan is a type of retirement plan for self-employed individuals). businesses that file employment, excise, alcohol, tobacco, or firearm tax returns, and.The following businesses must have an EIN: When you do not have an EIN for your company, you instead use your social security number on your business accounts and government filings. Many businesses must have an EIN, while it is optional for some single-owner companies. ![]() The business uses it on tax returns, bank accounts, and other government filings. Employer Identification Numbers (EINs) are unique nine-digit numbers assigned by the IRS to a business. ![]()
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