Business Taxes. IRS Tax Audits. Deduct It! Every Airbnb Host's Tax Guide. Tax Deductions for Professionals. Related Products More. View More. Get Professional Help. How It Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. An EIN, also called a tax ID number, is required for most business entities such as multi-member limited liability company LLC , corporation, or partnership.
You can use your Social Security number unless:. Even if you are not required to use an EIN, you may want to get one anyway. One reason to do so is that using an EIN instead of your Social Security number will help you keep your personal Social Security number more private. Subsequently, the EIN can help prevent identity theft. If you already have an EIN, youll need to obtain a new one if the ownership or structure of your business change.
For example, you take on partners, incorporate your business. You don need to obtain a new EIN if you change your business name or location.
It's easy and free to obtain an EIN. Also, a new EIN is necessary if you are a subsidiary of a corporation using the parent's EIN or you become a subsidiary of a corporation. If your business is a partnership, you will need a new EIN if you end one partnership and create another new one or if your partnership is taken over by one of the partners and is operated as a sole proprietorship.
An LLC entity is always a special case when it comes to federal taxes. The rules on needing a new EIN apply to these business types. The easiest and quickest way is to use the IRS question-and-answer method online. You can also apply by phone, or by fax or mail. Accessed Nov. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. When you apply for an EIN , you will need to have certain information available at the time of the application.
That information includes:. If you are acting as a third-party nominee in obtaining an EIN for someone else, the IRS requires you to maintain certain information in your files.
Finally, if your business closes or an estate or trust has been fully administered and distributed, you can notify the IRS so they can close the tax account associated with that EIN. Let us help you get started today.
Create your business formation documents now. Who Needs an EIN? There are a variety of uses for EINs. Common uses include the following: Corporations — As a corporation is legally a separate entity and responsible for its own obligations and debts, it needs its own EIN. Partnerships — By definition, a partnership involves two or more partners joining together for a business venture.
Most partnerships require EINs, except certain joint undertakings for the sole purpose of sharing expenses. Existing partnerships may need to apply for and obtain new EINs when one partner takes over and establishes a sole proprietorship, if the partnership decides to incorporate, or if the existing partnership is dissolved and a new partnership is formed.
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