Obtaining Your EIN#

Hello and welcome everyone to this module, Obtaining Your EIN Number. So at this point, you should already have your Inc formed or your LLC formed. And if you decided to move forward with one of those services being, meaning that you just had the registered agent form the corporation on your behalf, and you did not choose for them to set up the EIN number, then I’m going to walk you through step by step, how to obtain an EIN number. And then also if you did this yourself and you need to obtain an EIN number, I’m going to walk you through how to obtain it. So either way, you will have an EIN number at the end of this. So here is what I’m going to cover really quickly, the importance of EIN, just so you know, I’m going to break down how to apply for EIN online, which is the preferred approach in how to do it.

If you don’t, if you can’t do it online for whatever reason, but I’m going to recommend you do it online. Okay? So the importance of an EIN. So really the employer identification number or EIN is a, basically a nine digit number that is used to and assigned by the IRS. So unlike your social security number that has two dashes, this only has one dash to the first two numbers and then dash, and then the last, the next seven digits following over that. And then essentially this takes the place of your social security number. Because again, we want to replace, we want to separate our business from our, from ourselves personally. And you always going to use your EIN on all business in forms in any type of credit applications, banking applications to avoid this getting on your personal credit. So this essentially in your personal finances involved.

So essentially your EIN number is going to be that differentiating factor that separates you from your company. Another thing I’m going to recommend is if you have a side hustle currently and you’re making money from that side hustle, and you do not have a business entity, even if you’re driving Lyft. I’m going to recommend if possible, I don’t drive Lyft. I’ve never driven lyfts. I don’t know, but if you’re driving Lyft or you’re doing any type of any type of 1099 activity that a 1099 is issued to you, that you have them pay your, your business entity and you replace your social security number with your now formed EIN number. So that way you can start having the business start generating some revenue, even if it’s just something that you’re doing only because, and then I’m also going to recommend that you start, you know, you have that revenue coach, your business banking account, which I’m gonna show you to register.

But the point is, that’s a random little small hack or strategy it’s not required, but it’s just something to consider. Now the reason why the EIN number is so important because Banks, Creditors and the IRS and business credit reporting bureaus will use this number to report your business activities. So you can’t get a business credit report without that EIN number. So we need to make sure we have it. Also, you can use your EIN to apply for any type of business licenses and permits. Open business checking accounts like I was saying, apply for credit, pay taxes, pay employees, and more best of all, obtaining EIN is free. So if you did not pay the additional fee to have them do it for you, then it’s not a big deal. I’m going to show you step by step, how to do it. Now there’s three ways to do it.

You can obtain one online, which is the simplest way and the way I recommend. I do not recommend you mail and fax the completed application. That’s going to take too long, or you can do it by telephone. If you are not a US citizen. Because you’ll have to do it if you’re an international applicant. Now, all you need to do is go to the IRS.gov website, hit apply for EIN, and then the website’s always changing. So there’s a search bar in the top right-hand corner of the actual website. And then what you can do is just type in, apply for EIN. If you go to the IRS website and then you’ll just click on that, apply for EIN number, then it’s going to pop up and then you can apply for your EIN number. So all you do is click that blue button apply now, and then the online assist will be there for you to complete your EIN application in a few minutes.

Now, it’s important and you’ll receive your EIN immediately. And then the other thing is, make sure you download and you print a copy of your EIN number and you save that in your own personal records. Okay? Many people will get the EIN number, forget where their EIN number certificate is because they can’t do it online. They never get it. And then they’re like, what’s my EIN number? You want to keep this information handy. Another thing you need to understand about the EIN number is that you can only apply for this Monday through Friday 7:00 AM to 10:00 PM Eastern Standard Time. And you can apply for the EIN number completely online, and you can only apply for one EIN number per day online. Okay? So you yourself can only apply for one, which I’m gonna see why you would need to platform multiple ones, but you can only apply for one. Now,

so you need to understand. So if you’re, you’re looking at this training and it’s two in the morning, then you just need to wait until it’s 5:00 AM or 7:00 AM your time Eastern time to be able to apply for the EIN number. All right, now, it’s really simple to do that. Now, what what’s going to happen, I’m going to include the website to go directly to the EIN number right below this, but what’s going to happen. It’s going to bring into this identity, and you’re gonna have to choose what type of entity you are. Now, we already know we’re not gonna choose a sole proprietor, or we’re not going to choose a partnership. We’re either going to be choosing a Corporation, or we’re going to be choosing a Limited Liability Company. Now, you want to be doing this once the entity has already been formed.

Okay? And then you’re just going to follow the necessary steps to form the incorporation and include all the information about the name of your corporation, which we’ve broken down, the address of your corporation, and then you as a person in your corporation, in some scenarios you’re going to have to use, actually in every scenario, when you obtain an EIN number, you have to put down your social security number. So you’ll just enter that information, but it doesn’t mean that your social security number is going to have tax report. Is you, you just gotta have the employer provide that when you’re setting this up. Okay? And it’s pretty simple. So right below this video, you’ll see where it is. One thing I do want to note is if you did not follow my recommendation to incorporate your business in the states, I recommend it.

I’m not sure if your state does require a state EIN number. So that’s something you want to look into. The ones that I recommended, don’t. But if you decided not to, you may need to do a state EIN, assuming you’re gonna be paying employees and doing payroll and all that stuff. So not necessary to look into now, but it’s definitely something you want to look into for sure. Later on down the road, again, assuming you’re a knucklehead and you didn’t listen to me. Now, one thing I want to break down and show you is right below this video, you’ll notice that in the module we have the apply for your EIN number. You’ll just click on that apply button is going to bring you right to this page. You’ll click on this blue EIN number, and then everything I’m breaking down is going to be here.

You’ll see this little pop-up comes up. Make sure you’re following this particular system. Hit okay. And then you hit begin application. And like I’m saying, you’re either going to be doing a Corporation or a Limited Liability Company. Okay? These are the only two EIN you need to focus on. So if you do corporation, you just hit continue, and then you would just choose again your corporation status. So you would either do a C Corporation or an S Corporation. I wouldn’t do any of these down here. They’re not necessarily relevant. So you can choose one of these two corporations. Okay? So let’s just say you’re choosing a C, C corporation we’ll just hit continue. And then you would just follow the rest of the process here. And it’s really simple guys, so it’s not too difficult, you know, a standard or a new bit started in new business, what I would choose.

And then you would just put your information in here. Okay? So, and then you would just say, I am the CEO and so on and so forth. So again, it’s pretty straight. I can’t go back, but it’s pretty self explanatory in terms of how to do this. Yep. Let me see. I’m just going to apply an EIN again in the same thing for the LLC. Okay? So you hit begin application, choose Limited Liability Company. And then again, it’s got all these different tax statuses you hit continue, and then you would this name, you know, how many members are in the LLC, you would just name how many members that state you’re forming in it or the state it was already formed in, and then you will follow the appropriate steps. Okay? So this is pretty simple. Get this knocked out and I will see you in the next module.