Once you apply for an EIN in NC, you may think, “I have an EIN–now what?” Think of your EIN as a Social Security Number (SSN), except for your business. Having an EIN is necessary to lawfully operate your business in the United States. Not only is it required, but it gives you plenty of opportunities to pursue. If you’re wondering, “What can I do with my EIN number?” read below for some answers.
Apply for a Business Loan or Credit Card
You can’t get a credit card for your company without obtaining an EIN first. With an EIN, you can pursue loans and apply for credit cards for your business. This helps you separate your business and personal finances.
Open a Bank Account
You can also open a company bank account so you don’t have to use your personal accounts for business purposes. When opening a business bank account, you will likely need to provide formation documents as well as your EIN.
You won’t be able to hire any employees if you don’t have an EIN for your business. This is because you need an EIN for reporting and paying any payroll taxes or unemployment.
File Tax Returns
You can easily file tax returns for your business once you get an EIN. If you state that you plan to hire employees on your EIN application, you will likely be automatically enrolled into the IRS tax payment system that allows you to easily make deposits with your EIN.
Apply for Business Permits
Every company needs some type of license or permit to legally operate. For example, you may need a business license, zoning permit, or seller’s permit. Before you are able to apply for a permit, you’ll need to get an EIN.
If you need to get an EIN online, the staff at IRS EIN Tax ID Filing Service will help you get started. They have a quick and easy application that you can fill out any time you need to get it done. At their website, you can fill out the application 24/7/365.
Why do You Need an EIN?
The EIN is a nine-digit number used by the IRS to identify your business. You will need to fill out an IRS form called an SS-4. The EIN number application can be tedious and difficult, but the team at IRS EIN Tax ID Filing Service makes it simple for anyone to get this process done quickly.
Several different organizations need to have an EIN, including limited liability companies, partnerships, and corporations. You will want to complete this form not only when you are starting your business, but also when trying to pay your employees. If you have any questions about the EIN application, IRS EIN Tax ID Filing Service has dedicated support staff to help you out.
What to do After You File an EIN:
After you complete your EIN application, you can start to get your business set up for success. You will need the EIN number to obtain a business license. Most licenses are relatively inexpensive or even free, and can easily be obtained at a city hall or county office.
The EIN will be needed when you are trying to get finances straightened out with your business. You will need to open a separate bank account for your business. You will also want to establish a line of credit to help you pay for supplies.
When you are looking to get an EIN online, the talented team at IRS EIN Tax ID Filing Service will simplify the process. They have a dedicated staff that can help you navigate the complications that come with IRS paperwork.