PERSONAL SERVICE CORPORATION | EIN APPLICATION
A personal service corporation is a corporation of professionals that perform personal services in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. A corporation is qualified as a personal service corporation if certain criteria are met, such us the employee-owners must perform more than 20% of the corporation’s compensation cost for its activities of performing personal services, as well as own more than 10% of the fair market value of its outstanding stock.
WHAT IS AN EIN NUMBER?
The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number (Tax ID Number), is a unique 9 digit number assigned from the IRS. The digits of an EIN are formatted as follows: XX-XXXXXXX. Entrepreneurs and businesses use an EIN to conduct business activities that would otherwise require a Social Security Number (SSN).
DO I NEED AN EIN FOR A PERSONAL SERVICE CORPORATION?
- Open bank accounts
- Hire employees
- Obtain Business Licenses and Permits
- Open a business checking account and apply for business credit
- Keep your privacy and reduce your chances of identity theft by not providing your Social Security Number
- File business taxes at a federal, state and local level
HOW TO GET AN EIN NUMBER FOR A PERSONAL SERVICE CORPORATION:
Apply now and obtain an Employer Identification Number (EIN) by filling out the EIN Online Application form. It is Easy, Fast and Secure. After you complete the online process you will receive your EIN together with important information within 1-2 business days.