S-CORPORATION | EIN APPLICATION
A Subchapter S-Corporation is a form of corporation that meets certain IRC criteria. According to the Internal Revenue Code this type of entity should have a maximum of 100 shareholders. One major difference between the C- Corporation and S-Corporations is that the first one is subject to corporate income taxation (often called double taxation), while S Corporation shareholders split up the income (or losses) amongst each other and report it on their own personal tax returns.
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 AN S-CORPORATION?
- Open a bank account in the name of the business
- Hire employees
- Obtain Business Licenses and Permits
- Open a business checking account and apply for business credit in the company’s name
- File taxes at a federal, state and local level
- Keep your privacy and reduce your chances of identity theft by not providing your Social Security Number
HOW TO GET AN EIN NUMBER FOR AN S-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.