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Save many EIN

everybody's ATM mark here on Main Street and today I'm gonna talk to you guys about why and how to apply for an EIN number for your business okay so I made a video walking you through the process of applying for economic injury disaster loan in advance one of the steps if you remember was to use a GI in number for identification now if your new business just starting up or maybe you've made changes to your partnership and you need to apply for a new one this is where I'm gonna come in and help you guys and walk you through the process I'm gonna show you how to do it quick and easy first things first let's get to the Y E I n is short for employer identification number it's the nine digit number issued by the IRS and used to identify businesses and individuals for tax purposes as a business owner you'll need an EIN to open a business bank account apply for business licenses and file a tax return the ein also called a tax ID number or a taxpayer ID is required for most business entities such as multi member and limited liability companies LLC corporation or partnership if your business is a sole proprietorship or a single-member LLC the IRS does not require you to have it you can use a social security number what are the advantages of having a TI n even if you're not required to use it yayan you might want to get one anyway one reason to do so is that using an EIN instead of your social security number will help you keep your personal social security number more private subsequently the ein can help identity day so now let's get some hop you can do it online at irs.gov or by completing and filing IRS forms ss4 but today I'm going to walk you through how to apply for an EIN online which to me is the easiest way for you to get this done now I know you guys want to get to it so let's get to the computer let's go so here we are we're at the IRA I put it in the description so you just click on it I once again for you guys that want to be a little more independent you can google it it's going get to it so basically all the information you need is up here just steps for you to determine your eligibility understanding the online application but we're just gonna dive right into it and hit apply online now so basically to take you to the ein assistant of course you'll get the disclaimer here and hit OK after you read that I'm assuming you guys are gonna read it and basically yeah innocence is just gonna give you some information do you need an EIN do I need a new ein basically what we talked about and began its video so we're gonna go ahead and begin the application and like I said before if you're not comfortable doing this online it also has a link to form SS for that you can fill out so we're gonna hit begin application you're going to see we're comfortable so for this example so you're gonna see the different types you can apply for you can apply for the sole proprietor you can apply for partnership corporations for limited liability companies estates trust and you can view additional types but for this example we're gonna go with limited liability company it tells you that you've chosen limited liability and it gives you kind of what it is and what it's not gonna hit next here so now it's going to ask you to tell more about the LLC how many members are in the LLC for this example we're gonna say 1 but if you have an LLC structure that includes 3 people you want to put 3 of course and basically I'm going to just go ahead and hit we're gonna say we're doing this out of Florida know you could continue and basically built a number of members in your liability company you are considered a single member LLC remember I told you with the single-member LLC you do not you're not required to have any I in number and so since you're a single member anonymously be classified as a disregarded entity for the purpose of filing tax returns the member of the LLC is an individual the LLC income and expenses are reported on Form 1040 so obviously if you had a multiple member LLC this would be different you don't have a different classification so say continue now this is where you kind of just tell that IRS what it's the reason you're requesting an LLC whether you started a new business hydro employees banking purposes which is probably the most common change the type of organization so basically if you're changing from an LLC to from a sole proprietor to a partnership that would be one a change or you purchase the active business so if you're purchasing a business that's already an operation so a lot of people choose for banking purposes so we're going to just go with baking purposes actually let's do let's just go and started a new business so let's say we started a new business and we're looking for it yah n so I'm gonna hit next now this just wants your name so basically I would say my name is John Morgan and now this part you would need to enter your social security so I don't know if it'll let me into this but I can try to just enter whatever I'm John James John James Morgan I am one of the owners members of managing LLC so basically that's what I'm doing so basically be on the next screen it'll ask you about the address so where is the LLC located wherever you have your business adjust for your LLC wherever it's registered this is where you want to go now we're gonna say 45 North East 167 Street Miami Florida P Q one six two five so if you have a different address than that you want your mail to be sent you will click that yes what we're gonna hit no for this so continue now they want you to tell them about the LLC so basically the legal name of the LLC which much smach articles organization if filed but basically the name of your business if you have a DBA doing business as trade name you will put that here if you filed your articles in another state you want to put that there and your LLC start date and once you hit continue basically gives you an EIN confirmation I can't go and continue because this is just for example purposes so it'll basically bringing to the next screen that you'll get a confirmation and in that confirmation you'll be asked whether you want to receive your EIN through the mail or online obviously we're doing this online so we want to get this online that way we have it and we're good to go so basically from that point on you get you in save your records make sure you save it because your EIN is hard for you to get back for you to get that number back if you misplace it you'll have to call I RS which sometimes you can be on the phone for a while so I would say put it in a safe place keep it there because you're gonna need for tax purposes and for other things especially when it comes to a situation where you needed to apply for this aster loan from the SBA or whatever the case may be you're going to be asked for yeah and because yeah n is what essentially identifies your company I hope this video helped you out and you guys were able to do this pretty free easy see this was a quick video it's happen quick this was and I hope you guys get your eye in save those numbers sound again to all the business owners out there and if you guys have anything any questions for me make sure you put it down in the comments I'll do my best to answer it make sure you like subscribe and check out our other videos now you're gonna be a world flow scare marketing agency check us out online and let us know if we have any services that can help you stadium marketing on Main Street 2x in media to the next time [Music]