What is an EIN?
An Employer Identification Number (EIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for tax identification purposes.
Benefits of Using an EIN for Business
Using an Employer Identification Number (EIN) for a business credit card is a great way for small businesses to separate their personal finances from their professional finances. It’s also a way to establish business credit and provide a level of financial protection.
How to Obtain and Use an EIN
Learn how to use your EIN (Employer Identification Number) to establish credit and improve your financial standing. Having good credit is crucial for accessing financing options, securing vendor relationships, and expanding your business. In this article, we will explore how you can leverage your EIN to get credit for your business.
How Long is an EIN Number Valid?
An Employer Identification Number (EIN) is permanent. The IRS assigns an EIN to a business forever, like a Social Security number. You don’t need a new EIN unless ownership or structure changes. Even if dissolved, the EIN stays active for final tax returns.
How to Check if an EIN is Active
An Employer Identification Number (EIN) is a unique nine-digit number assigned by the IRS to businesses for tax reporting purposes. Applying for an EIN directly through the IRS is typical. While individuals have Social Security numbers, businesses require EINs for essential operations like paying taxes.
Closing an EIN Account
If determining an EIN is no longer needed after receiving, you can request the IRS close the account. You can still use the EIN later if necessary, as it will always belong to that business. The number simply becomes “inactive.” You can write the IRS to close the account.