…In this video, I'll show you how to apply for…an employer identification number, which you'll do with the Federal Government.…This Id number called EIN for…short, is a unique number that identifies your business for tax purposes.…It's similar to an individuals Social Security number except, is for…the business.…You only need to apply for a EIN if, the LOC has more than one owner.…
The LOC will hire employees and,…the LOC elects to be taxed as a C corporation or S corporation.…Even if there is only one member, you can apply for…an EIN online, by mail, by fax and by phone.…If you need any help, the IRS offers free support online and over the phone.…For example, we downloaded the EIN form from the IRS website.…And by the way, it's a free government service.…
So beware of internet sites that charge you to obtain an EIN,…save yourself some money.…Let's look at how Amy would fill out this form, for her fictional web business.…On line one, she entered the name of the LLC.…Line 4A and 4B is the LLC address.…Line six, is the business location.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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