What is An EIN and Why Is It Important?

By Debby Winters

If you are the owner of a small business and you haven’t checked out the SBA, you definitely need to. Here’s an informative article from them on EIN. Do you know what is it? Do you know why it is important? If you answered “NO” to either then read on. The entire article appears on the SBA website.

What does EIN stand for? Employer Identification Number

Where does a business get an EIN? from the IRS

Who needs an EIN? Every business that needs to open a business bank account, apply for business licenses, or file tax returns. It’s helpful to apply for one as soon as you start planning your business. This will ensure there are no delays in getting the appropriate licenses or financing that you may need to operate.

How do you apply for an EIN?  The simplest way to apply for your EIN is online via the IRS EIN Assistant. As soon as your application is complete and validated, you’ll be issued an EIN.

How much does it cost?  There is no charge for this service.

Check out the SBA website for more information on small business.