What is an EIN? Why do I need it?

Envisage LLC Business Blog: What is an EIN?

The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification. When the number is used for identification rather than employment tax reporting, it is usually referred to as a Taxpayer Identification Number (TIN). When used for the purposes of reporting employment taxes, it is usually referred to as an EIN.

Why do you need it?

  • To open a business bank account
  • To apply for business permits
  • To file business taxes
  • To hire employees and withhold taxes
  • To start a Corporation, LLC, or Partnership
  • To apply for a business credit card or loan
  • To create a Trust, Estate, or Non-Profit