I Want to Open a Bank Account for My New Business. Do I Need an EIN?

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An employer identification number (EIN), also known as a federal tax identification number, is a set of nine unique digits that enables the Internal Revenue Service (IRS) to identify your company as an operating entity within the United States of America. It also allows you to conduct tax-related business, open a company bank account, and more.

Do I Need an EIN?

The Internal Revenue Service (IRS) requires a company to have an employer identification number if it has workers, is part of a Keogh plan, is involved with trusts, estates, non-profit organizations, farmers’ cooperatives, real estate mortgage firms, or files tax returns for alcohol, employment, excise, firearms, or tobacco. If this is the case with your company, banks might require you to have an EIN if you intend on opening a business bank account. For example, Bank of America requires companies to present an employer identification number to set up an account.

Apply for an EIN

Having an EIN is a useful way to separate your company assets from your personal ones. Failure to do this could lead to bankruptcy. IRS-EIN makes it easy to register for an EIN via the EIN online application page. We only use safe and secure features to ensure that you’re getting the best possible services available.

If you have any questions, visit our FAQ page or contact us today. We will be more than happy to assist you!

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