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Wealthmas List, Gift 2: Why Getting A Federal Employee Identification Number Is Crucial For Entrepreneurs

Congratulations, you registered your new business or expanded an existing one with a new management entity at the state level!

Now, it's time to legitimize your business entity at the Federal level with the IRS and that requires you to register your business with a federal Employee Identification Number (EIN).

But before we get started on the steps to take to obtain a EIN, consider these benefits.

  1. This is a unique way of identifying your business similar to how your social security number identifies you as a unique individual

  2. Having an EIN will set you up to hire employees should you expand beyond you as the business owner. You are required to have a EIN in order to initiate payroll for your business.

  3. It's helps you secure funding in your business name without having to tie up your personal credit when the business becomes established.

Now that there primary benefits of why an EIN is out of the way, let's outline the steps of how you need to register at the Federal level. It is crucial to get both right.

The next 9 steps are an expandable list that walks you through from start to finish on how to complete the EIN requirements with ease. Click on the left arrow next to the bold sentence to expand the instructions for each step.

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