Orlando, FL—According to the U.S. Small Business Administration (SBA), an Employer Identification Number (EIN) is a “unique nine-digit number that identifies [a] business for tax purposes” and is “similar to a Social Security number.”1 Although not all business owners may be required to obtain an EIN, they do serve an important purpose. The SBA says EINs are needed to open a business bank account and many vendors also require that an EIN be provided before they allow a business access to their catalogs and products.
In addition, EINs are also needed to obtain business licenses and even file tax returns for the business. In most cases, it is business owners that intend on hiring employees or those who are operating a corporation or partnership that need to obtain an EIN. New business owners can review the Internal Revenue Service’s (IRS) guide to determine if they need an EIN or not.
How does a new business owner in Orlando, FL apply for an EIN?
A new business owner can apply for an EIN directly online with the IRS. The application must be completed within one sitting and the IRS says the EIN will be issued “immediately upon verification.” This means the IRS will issue it during the online session if all the information provided can be validated.
Once an EIN is issued, a business owner can begin using it to open a bank account or apply for a business license, according to the IRS. However, it is worth noting that a business owner will need to wait about two weeks before they can file an electronic return or make an electronic payment with the IRS as it generally takes this amount of time before the EIN “becomes part of the IRS’s permanent records.”
If a business owner doesn’t want to apply online, which is the preferred method as it is faster, they can apply by fax or mail.
Should a new business owner hire an Orlando, FL business law attorney?
While there are many steps a new business owner can take on their own to get their business started, it is always a good idea for them to consult with a business law lawyer. A business law attorney in Orlando can help an individual understand what requirements their state expects them to meet to ensure they are operating legally.
In addition, an attorney can also assist a business owner with getting contracts drawn up as well as help them understand the terms outlined in any contracts or lease agreements before they sign them. The ultimate goal of a business law lawyer is to help an individual travel down the right path so that they avoid costly mistakes or enter into agreements they don’t quite understand.
If a new business owner is looking for a reputable business law attorney in the Orlando area to discuss their questions or concerns with, they can contact Legal Counsel P.A. at 407-395-2653.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]