From the course: Business Tax Foundations

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EIN numbers and setting up to pay taxes

EIN numbers and setting up to pay taxes

From the course: Business Tax Foundations

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EIN numbers and setting up to pay taxes

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- [Instructor] Employer Identification Numbers, or EINs, are the first step in becoming a more professional business. These days most firms have to record and report major payments they make to other parties, and that means unless you have an EIN, you're going to have to give out your social security number a lot. For instance, if you operate a construction firm supplying carpet installation, you'll have to either give every builder you work for your social security number or give them an EIN. The EIN avoids the risks associated with having lots of people know your social security number. You will also need an EIN in order to set up a business banking account. So let's take a look at how you can get an EIN for your firm. Now, I'm here at the IRS's website for registration for EINs. If you're not familiar with this site, you can find it just by googling EIN registration. So once we've done that, we're going to go through and begin our application. Now we need to choose which corporate…

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