Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a nine-digit number assigned to a business for the purpose of identification with the IRS: it’s the business entity equivalent of a social security number for citizens. An EIN is required for any corporation or LLC that consists of multiple members or employees. An EIN is required to withhold taxes from employees, open bank accounts, and any application that requires a business to validate its authenticity.
When you form your business, a registered agent like Incnow can secure your corporation or LLC’s EIN the same day. However, it typically takes 2-5 weeks to receive a hard copy of your EIN from the IRS by mail.