After successfully creating your company, you will need to get identification for it in the form of an EIN as explained in this article:
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What is an Employer Identification Number (EIN)?
So, what is an EIN? Well, the best way to look at it is like this. As an individual, you have an SSN which you rely on to comply with the law. Well, an EIN number Virginia is like this only that it works for your business. That is a pretty simple way of looking at what might have appeared to be a complex thing.
When Your Business Needs an EIN
You need this ID for many reasons as we will later cover. However, as much as it includes the name employee, it does not mean that you will have to hire people in your company. In case you do, you can rely on the ID to help you out with the documentation. Ideally, the IRS requires that you get this ID if you meet one of the following conditions:
- The first, as you may have already guessed, applies to people who plan on having hires in the company. Suppose you will need to bring people onboard to help with the carrying out of duties, you may need to make an application.
- The second applies to businesses with more than one person taking on ownership. In this case, the money moves in various directions and there is need to ensure that you comply with the law.
Even if you do not meet either of the following criteria, it would still be a good idea to get one for the following reasons:
- While financial institutions tend to have varying requirements for account opening, they seem to be pretty steadfast on one thing- an ID. As a company, you will need to provide some ID to show that you are compliant with the law, failure to which a bank may deny you their service. Please note that having another account works in your favor by enabling you to build a relationship that can help you get loans. It also becomes much easier to keep an eye on your finances when holding them in a separate space.
- Your business may need additional help now or in the future once you have expanded your operations. Either way, you will need to have an ID that enables the IRS to keep tabs on your payments. Before you register for taxes, you will need to provide this ID to get the process started.
- Suppose you would like to limit your liability as much as is possible, it would be a great idea to get an ID. It turns out that this allows you to remove yourself from your business debts. It also enables you to appear credible and professional in your dealings when offering this as opposed to an SSN.
- Speaking of SSN, it is much harder for you to suffer identity theft when using an EIN. That means that your SSN will remain private, making it harder for people to gain access to your personal funds.
- Finally, some licenses and permits will only be made available to you if you have this ID.
You can thus see why it is important to get an EIN for free from the IRS.
Do you need help obtaining, preparing and submitting an EIN digitally to the IRS? Registered Agent can do it all for you
How To Find the EIN for your Business
You can get your Virginia state EIN number for free as we will later cover, based on the structure of your business. In this case, the focus is on an LLC, though all structures can find a Virginia EIN.
How to Get a Federal Employer Identification Number
From the above reasons, you can see that having an ID would prove to be of more use than not. Below are the steps to follow when going down this road:
Patience Pays
You might feel the need to make an application right after filing your articles of organization. However, this would not be advisable. You might end up getting an ID for a business that does not exist. On the upside, you can always cancel the ID and start afresh with new details. Instead of going through all these processes, hang in tight and wait for approval.
Requirements
When applying, you will need some identification of some sort, which can be an SSN or ITIN. However, if you are a foreigner and lack such documents, you can still make an application. In your case, though, an online application would not be available. Instead, you would need to fax in or mail in your form to the IRS.
When filling in the form, you will require including the following information:
- What structure you will use
- Who has ownership in the business
- Where you will locate the operations
- Why you need to get the identification
- Who will play the role of the responsible party
Process
You can apply for an EIN for your LLC via:
Online
Log on to the IRS website and follow the intuitive laid-out processes.
Access and fill form SS4 and send it to:
Internal Revenue Service
Attn: EIN Operation
Cincinnati, OH 45999
FAX
Send a complete Form SS4 to (855) 641-6935
Fees
You will not pay a dime to make a Virginia state EIN application and you do not need to have some cash aside for such expenses. How great is that!
Waiting Times
Once the IRS goes through your application and deems it fit, you will get a confirmation letter which is your official approval. The waiting time depends on the method used in making the application as follows:
- Online – at the end of the application, you will get a confirmation which you can download and start using immediately. No waiting time is present in this case, making it the fastest mode. In about five weeks, you should receive a duplicate copy in your mail.
- Fax – this mode is the second fastest, with confirmation letters available in about 7 business days.
- Mail – you can think of it as snail mail, with waiting times ranging between four to eight weeks.
Cancellations
You can always change your mind about the ID by mailing a cancellation letter to the IRS. Suppose you made a mistake and would like a new ID, you can apply for another at the same time you are cancelling the first one.