There are many LLC advantages, but if you’re interested in starting an LLC or corporation, one of the most important steps you’ll have to take is filing an SS-4 form with the IRS in order to receive an EIN, also known as an employer identification number. This process can be lengthy and sometimes tedious, and before you begin, it’s important to know exactly what to expect. In this two-part blog series, we’ll take a quick look at some commonly asked questions to help you make the best decisions when you file for your EIN number online.
Which business needs can an EIN be used for?
One of the many LLC advantages is registering with an EIN, and once a business owner obtains a valid EIN, it can be used instantly for a number of essential business-related needs. Owners can file tax returns, apply for a business license, and open a bank account, among other things.
Are any business types prohibited from applying for an EIN online?
No — any entity located in the U.S. or one of the U.S. Territories is eligible to apply for an EIN online. However, the principal officer/owner is required to have a valid Taxpayer Identification Number (Social Security Number, Employer Identification Number, or Individual Taxpayer Identification Number) to utilize the online application.
What if a business’ address won’t fit in the online application’s address line?
The IRS’ system only allows for 35 characters to be entered on the address line. Just remember to give the most essential information first, such as numbers, before the less essential parts. The IRS will then validate your address with the United States Postal Service and, if any information was entered correctly, you will be given an opportunity to correct it.
Are there any programs or special software required to access the IRS’ online EIN application?
No — all that is needed to access the application is a computer with Internet access. As long as the computer has an updated version of its Internet browser, users can fill out and submit their applications with ease. Keep in mind, however, that in order to receive a digital confirmation letter, the computer must be equipped wth Adobe Reader.
Ultimately, there are many benefits of an LLC, but obtaining an EIN is an absolutely essential step of the process. Keep an eye out for the next post, where we’ll answer even more commonly asked questions about filing for an EIN online.
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(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
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