When filing all of your documentation to start your new business, you may have noticed something called an Employer Identification Number (EIN). If you’re not familiar with it, allow us to illustrate the importance of an EIN, particularly when you first start your company. Overall, it’s a necessary step that will allow you to do so much more with your business than you would without it.
What is an EIN?
Simply put, this is an identification number given to your company by the IRS for taxation and documentation purposes. It is the number that you will put on all of your financial documents as a way to reference your legal business entity.
Why Do I Need an EIN?
There are several reasons that this number is necessary when filing for a business, particularly depending on the type of entity you file as. Let’s break down the various ways that an EIN can come into play.
●Hiring Employees: If you plan on having a staff, you must have an EIN to do so.
●Legal Separation: If you want to keep your business separate from your finances (which you should), then an EIN creates a new legal entity for that purpose.
●Merchant Accounts: You won’t be able to get a company bank account without an EIN, as most financial institutions forbid people from using their personal Tax ID.
●Theft Protection: You don’t want to put your social security number on all of your business documents as it can make it easier to steal. With an EIN, you usually have additional protection in case of fraud.
How Do I Get an EIN?
Fortunately, it’s easier than ever to obtain an employer identification number, so you don’t have to worry about it being a lengthy or complicated process. All you have to do is find an online EIN application, fill it out, and then pay the fee. In most cases, you can get it on the same day as you file.
As you can see, an EIN is a necessary part of any new business, and you should get one as soon as possible. Regardless of your entity type, an EIN can help you out immensely and ensure your success.
Smoked meat and fish are dietary staples that have existed since prehistoric times. The earliest practices of smoking the food were due to practical reasons – to prevent and delay food spoilage. This has ceased to remain a concern, but smoked food is nevertheless a school of cuisine with a unique flavor and vibe. So whether you like that smoked cheddar cheese as an ingredient, or you like plain old smoked red meat, owning an electric smoker can address all your needs. Read more
There are some things in life that you interact with everyday, but never really give much mind to. Street names are definitely one of those things. Everyone could probably rattle off at least 20 street names from their hometown, but, other than a way to give directional advice, few think very much of them. Read more
Canada is fast becoming a top desirable location for immigration. Many families and people are now packing up their lives and making the big leap over to Canada. However, moving to a country that you have never been to before can be daunting, especially if you live hundreds or even thousands of miles away from Canada. It can be a very stressful time for both yourself and for your family. Luckily there are top tips and tricks out there to help you navigate the confusing world of immigrating to a foreign country. These tips can help you navigate if you are eligible for the daunting move, help you figure out how you can apply for entry and provide information on obtaining the right kind of visa for your immigration purposes. It can help to put your mind at ease and make the whole process seem much easier. Read more