If you are a business owner, as much as you want to make money immediately, you still need to make sure that you are operating in line with the law. You need to get some government permits or licenses as a requirement to operate but you should know that you couldn?t go through this process […]

If you are a business owner, as much as you want to make money immediately, you still need to make sure that you are operating in line with the law. You need to get some government permits or licenses as a requirement to operate but you should know that you couldn?t go through this process if you do not have an EIN (Employer Identification Number).
EIN is a type of tax ID issued to businesses by the IRS (Internal Revenue Service). EIN is composed of a unique 9-digit number like your SSN (Social Security Number). Ultimately, the number is your identification and it is crucial in all tax documents, forms, and licenses. Fortunately, the IRS makes it easy to apply for a federal tax id or EIN. To help you get started, here are some tips:
Determine whether you need EIN or not
The first thing that you need to do is to determine whether you need EIN or not. This is important if you do not want to waste your time and effort. You need EIN if:

You are a corporation, LLC or a limited partnership.
The business deals with trusts, nonprofit organizations, estates, farmers? cooperatives, and retirement accounts.
You do not want to use your SSN for your business.
You have employees or you file t...