Why,You,Need,and,How,Get,Feder business, insurance Why You Need and How to Get a Federal Employer Identificatio
As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise. Franc Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The
If you own and operate a business, you may be required to obtaina Federal Employer Identification Number (EIN) and should consider doing soeven if not required. Commonly referred to as a federal tax ID number, an EINis like a social security number for your business. Just as your socialsecurity number is used to identify you as a unique individual by government,financial and other institutions, an employer identification number is used toidentify a business as a unique entity by government, financial, tax andregulatory agencies. Obtaining and using an EIN to identify your business tothe Internal Revenue Service and the various federal agencies that regulatebusinesses is a smart way to separate and differentiate between your personaland business obligations and liabilities. Issued by the IRS as a tax identification number, an EIN isa unique identifier assigned and tied to the individual owner of a specific business.EINs are used by employers, sole proprietors, corporations, partnerships,non-profits, government agencies and certain other business entities. By using anEIN to identify their business, sole proprietors who have been using theirsocial security number as both a personal and business identifier can create animportant layer of legal separation and privacy between their personal andbusiness affairs. Using an EIN rather than a social security number forbusiness transactions prevents access to the personal information tied to your socialsecurity number. An EIN provides the additional benefit of creating a continuousbusiness identity even if the name, focus or location of your business changes.This allows business owners to capitalize on tax, financial or regulatoryadvantages developed in previous years. As long as business ownership andoperating status do not change, your EIN follows your business through theinevitable cosmetic and directional changes that accompany the definition andgrowth of a business. You can use the same EIN even if you change the name oraddress of your business or add additional locations. However, because an EINis issued to the specific owner of a business and not to the business itself, achange in ownership necessitates obtaining a new EIN. A new EIN must also beobtained if the status of your business changes; for instance, if you incorporateyour business or take on partners and begin operating as a partnership. A newEIN is also required when a business files for bankruptcy or establishes aprofit sharing or retirement plan. Despite its name, you do not need to be an employer toobtain an employer identification number. You are required to obtain an EIN if yourbusiness operates as a corporation or partnership or you offer taxable productsor services, collect sales tax, have employees, withhold taxes on income, havea Keogh plan or file any type of federal tax return. However a business ownercan apply for an EIN even if not required and will generally find it to hisadvantage. An EIN is required on income tax forms, employment tax reports,social security records and tax payments and is required to apply for abusiness license. Most banks also require an EIN to open a business account. The application procedure is simple and painless. Whileyou can apply for an EIN by contacting your local IRS office and filling outform SS-4, online application is fast and easy. Available at www.irs.gov, the EIN application form can becompleted online. As soon as you complete the online application, you willreceive your EIN and can begin using it immediately. Make certain you download,save and print the EIN confirmation page. Because it takes about two weeks fromthe date of issuance for a new EIN to be fully integrated into the IRS database, business owners must wait two to three weeks before filing electronicreturns or making electronic payments. The EIN is a federal identificationnumber. While many states also use the federal EIN, some require stateidentification numbers.
Why,You,Need,and,How,Get,Feder