Obtaining a Taxpayer ID Number (TIN)
A Taxpayer ID Number (TIN) is also known as an Employer ID Number (EIN). It is also referred to as the Federal Tax ID Number. An individual must obtain a Federal Taxpayer Identification number from the IRS when he/she has… a. Employees b. A Corporation or LLC c. Needs to build a credit record for the corporation d. Is going to open a bank account in the name of the business If your business is a sole proprietorship, you can use your Social Security Number on all documents and filings where an ID number is required. However, it is often better to obtain and use a TIN to keep your personal and business activities separate.
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