I'm finally getting my act together and registering my business. I need an EIN but I'm not sure what info they ask for. Is it just my SSN and business name? I run a tiny handmade goods business, no employees. Do I need an address that's not my house? IRS site is a maze. Any pointers appreciated, thanks.
EIN
I need an EIN but don't know which information to prepare
No need for a separate address. Your home address is fine. They'll ask for business name, address, responsible party's SSN, and maybe a reason code. The online form is pretty straightforward.
Just did this last week. Online app took me 15 mins. Have your SSN, business address, and when you started the business ready. That's about it.
Don't overcomplicate it. It's basically 5-10 minutes of data entry. If you're a sole prop, just use your name as the business name unless you have a DBA. Reason code: "Started new business."
One thing to note: if you apply online, your EIN is issued immediately. If by mail, it can take weeks. So do online if you can.
Be careful not to get an EIN if you're a single-member LLC and don't need one. Some banks demand it, though. But if you're a sole prop, technically you can use your SSN. But getting an EIN is free and keeps your SSN private. I'd do it.
That's a good point about privacy. Also, if you ever hire someone, you'll need it anyway. No harm in getting one now.
Forgot to add: the online portal is only available during certain hours. I think 6am to 1am ET? Don't quote me. Just don't try at 2am like I did.
Thanks everyone. Sounds like I just need my SSN and home address. I'll try the online form this evening. Appreciate the tips.