Every business with more than one owner or employees must have an Employer Identification Number (EIN). This number is used when opening bank accounts and for identifying the business on any tax filing.
It is essentially a social security number for the business. Even if you are a single-member company with no employees, it is best to use an EIN in order to limit the number of people who have access to your social security number.
The Internal Revenue Service provides, with abundant detail, information on the tax implications of a new business. When navigating this information, it is best to work with an certified public accountant and an attorney to ensure you are aware of all the implications.
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