When you start your business, there are a few things you absolutely need to do so you can start making money! In this post, I will explain the basics of What is an EIN and how to register.
Don’t forget to download the Must Have Startup Checklist for Success here. This is the bare minimum, housekeeping items that you really do need so that you can protect yourself, your business and most importantly, COLLECT THOSE DOLLAR BILLS.
I have also put together a detailed Guide for Entrepreneurs here.
*DISCLAIMER* I am not a lawyer and this is not legal advice.
What is an EIN
An EIN is an Employer Identification Number.
Why is it important?
An EIN is important because you use it for various business needs. Two extra super important reasons are:
- Opening up bank account – you can read why you really should open up a separate bank account in this post
- Filing Tax returns – I use an accountant for all of tax related items.
How do I register?
Registering for an EIN is a free service provided by the IRS. You can go to this website to register. Remember, you will need to know how you are setting up your business structure, which I explore at a high level here.
How much does it cost?
Registering for an EIN is a free service provided by the IRS.
