News: EIN: Unique Number

What is EIN?

Employer Identification Number (EIN) is a unique number that is assigned to each business by the US Internal Revenue Service, used to identify the enterprise.

The federal government and many state and local authorities use an identification number to identify your organization. EIN is a nine-digit number, and its role is similar to the social security number.

Why do you need EIN?

This code is needed when filling out almost all official documents of the enterprise, including when paying taxes and when opening an account with a bank.

Sole Proprietors

You are required to obtain a new Employer Identification Number (EIN) if:

1. You have a procedure for forming a corporation.
2. You have accepted partners and are acting as a partnership.
3. You bought or inherited an operating enterprise and conduct its activities as an individual private entrepreneur.
4. You started the process of filing for bankruptcy.

Companies

You are required to obtain a new Employer Identification Number (EIN) if:

1. You have changed the status and operate as a partnership or an individual private entrepreneur.
2. As a result of the merger.
3. You are a branch of the company using the employer's identification number (EIN) of the parent company, or you become a branch of the company.
4. New company was established.

Partnership

You are required to obtain a new Employer Identification Number (EIN) if one of the following is met:

1. You form the company.
2. Your partnership was taken over by one of the partners, who acts as an individual private entrepreneur.
3. The old partnership was dissolved and a new one was created instead.

Trusts

You are required to obtain a new Employer Identification Number (EIN) if one of the following is true.

One person is the owner of funds received by several trust funds, or the creator of several trust funds.

Cancellation of the employer's identification number (EIN) - Closing of the account

When you were given the employer's identification number (EIN) as a commercial legal entity, this number will now be a permanent taxpayer identification number. This Employer Identification Number (EIN) is never re-used and is not issued to another commercial entity.

The Internal Revenue Service can not cancel your Employer Identification Number (EIN). In case you received a number, and then it turned out that you do not need it, then the US Internal Revenue Service can close your corporate account. The employer's identification number (EIN) will continue to be owned by the legal entity and may be used later if necessary.

What is the term of validity of the EIN?

EIN is issued once and has no expiration limits.

What do you need to get an EIN?

It is best to proceed to the procedure of obtaining EIN at the very beginning, when you open your business, so you save time in order to avoid unnecessary difficulties, when you need it urgently.

The professionals of our Company will always help you to obtain the Employer Identification Number (EIN) within 30 minutes. We know how to promote the development of your company abroad. The highly qualified staff of Law&Trust International will help you to obtain the EIN in the shortest possible time.