![]() ![]() Your business will be ‘official’ and ‘real’ in the eyes of tax code and law if you have a business EIN. ![]() With a business EIN, you can build business credit, apply for business credit cards, manage business finances, and use it for many other tax-related matters. Among other uses, some include hiring employees, opening up a bank account in the United States (even if the foreign company has no physical presence in the United States), and complying with the IRS. Having an EIN saves from the complex US customs and Border Protection formal checking levels. Moreover, if you are importing goods into the US, you need to show your EIN if you don’t have an SSN or ITIN (Individual Taxpayer Identification Number). Those who are not citizens of the United States but are doing business there, such as selling on Amazon or running an eBay storefront, also need to get EIN to open a business bank account and report their earnings. Keep on reading to know Why do you need an EIN?įor legalizing an LLC in the US, you must apply for the EIN that the IRS will use to track your business’s income taxes and receive other taxes that you have to pay. citizen and do not possess an SSN but require an EIN to start a business in the United States? What will you do to apply for EIN without an SSN? EIN is used by the IRS to easily and quickly identify businesses for tax matters.Īpplying for EIN requires filling out forms that require you to input your Social Security Number (SSN) to show that you are eligible. It is a unique number that the federal government issues for businesses. Every business in the United States must have an Employer Identification Number (EIN), sometimes referred to as a federal tax ID number.
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