Employer Identification Number (EIN)
A unique nine-digit number the IRS assigns to a business for tax identification purposes, functioning similarly to a Social Security number for the business itself.
An EIN is required to open a business bank account, file business taxes, and hire employees, and it’s one of the most basic documents lenders request to confirm a business is a legitimate, registered entity.
Having an EIN, separate from operating under the owner’s personal Social Security number, is also a foundational step in building a business credit profile distinct from the owner’s personal credit.
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