Getting An EIN – Understanding The Process
As someone, who runs a small business, you may be able to benefit from obtaining an EIN. On the other hand, obtaining the figure might actually be a requirement. With this in mind, it is absolutely pertinent to learn about the process of getting an EIN. The good news is that the process is straightforward and the majority of business owners will be able to complete it online, within just 15 minutes. Below, you’ll learn more about the process, so you can obtain your own EIN.
Are You Eligible?
Before attempting to obtain your EIN online, you should make sure that you’re eligible to do so. There are a few requirements, which must be met, in order to complete the application online. First and foremost, your principal business must be located within the United States or one of the US Territories. Also, you will only be able to complete the application online, if you have a valid EIN, SSN or ITIN. Finally, it is only possible to obtain a single EIN online per day.
The majority of people will jump right into their seat and begin filling out the form. This isn’t ideal. First, you should collect the required information. By obtaining the information ahead of time, you’ll be able to rapidly complete the application, without needing to stop and look up a detail or two. Below, you’ll find a list of details, which will be needed.
- Personal information of the individual requesting the EIN
- Business name and address
- Business Type and principal activity
- Reason for applying for the EIN
The majority of this information should be readily available, but you may need to scan through your records for the minor details. Once you’ve obtained all of the required credentials and information, you will want to sit down and begin filling out the online application.
If you are applying for an EIN, you can visit the IRS website. There you will find a self-explanatory application, but it is important to note that this is a one-session process. This basically means that you will have to fill out the application and submit it, in a time efficient manner. With this being said, if you leave your PC unattended for over 15 minutes, the current session will immediately expire. Your information will be validated during the open session and at the end of the session, you will receive an EIN.
Although the process seems straightforward and uncomplicated, it can be slightly more difficult than you could ever imagine. With this in mind, you should prepare yourself, by obtaining the necessary information, before sitting down and attempting to complete the online application.