5 Tips to Filling Out the EIN Application Properly When Starting a New Business

Starting a business can be both exciting and challenging in equal measure. From getting your accounts right to ensuring that you are working within the law and everything in between. You need to get an Employer Identification Number (EIN) for your business to be legally registered. The EIN number is what the state uses for checking your accounts and all financial transactions for your business.  

Your business can not exist without an EIN, and giving improper information in your EIN registration is punishable by law. Whether you are applying online or through a downloaded physical ss4 form gotten from https://www.federal-ein-application.com/irsein/ss4-online/, here are 5 tips to filling out the EIN application properly for those starting a new business.

• Choose Only One Method Of EIN Application

There are many ways in which new businesses can register for an EIN number. You can register online on the irs website, you can submit a filled hard copy of the ss4 form, and you can register via phone call or via email. All these methods have been put in place for your convenience. However, you should strictly apply using only one method from the above. In case you apply through the online interview platform, you can print a copy of your form before submitting. This will ensure you have a copy when the need arises.  Requesting for the EIN number in more than one platform may result in your business getting more than one Employer Identification Number.

• Have All the Business Details at Hand

After you decide to do the EIN application, ensure you have all the details required.  In an online application for example, there is no allowance for saving data for later. Once you start your interview you have to go through it till you finish. In case you do not have some data required, you will have to close the session and start over. Some of the important details that you should have with you are; business name, type of business (corporation or limited liability), location and the name of members.

• Follow the Instructions Given

Luckily, all the application methods take you step by step and give instructions for each step. There is provision for enquiring on anything that is not clear for you. You are allowed to check the definition of the terms that you may not understand. This ensures that any information submitted is what the applicant is sure about.

• Check to Verify the Details

Once done filling in the forms, please check to confirm. Make sure that all information given is true according to you and the law. If application was through the IRS-online interview, there is provision for printing a copy of the form.

• Submit the Filled Form

When you have checked and verified that all the written data is correct, you can then proceed to submit your application. Your EIN will be ready after a few days and will be sent to you through whichever means is most convenient for you.

Remember that as a new business, you cannot carry out any activities that involve monetary exchange before you get your employer identification number. Consider applying for your EIN as early as possible.