An EIN is an employer identification number also known as a business tax ID - which is a unique nine-digit number (Let's look at it like a social security number for your business). You use this number to file taxes for your business or register your business as an entity. This gives you the options to obtain a business loan or start a business bank account.
How do you get an EIN?
Here is link!
Form SS-4 (Rev. December 2019) (irs.gov)
Here is another option if you want a professional to help you!
Mangum Foundation (mangum-foundation.myshopify.com)
I want to go over a few benefits of an EIN for you today!
1) First and foremost, if a Pandemic happened again, you may have the option to possible qualify for loans or stimulus just for your business that you pay taxes on.
2) File taxes and avoid tax penalties. More info well be placed in this link:
9 Benefits of Getting an EIN (Even If You Don’t Have To) - NerdWallet
3) Avoid identity theft and the beginning process to protect your intellectual property (trademarks and copyrights)
4) Adds credibility to your brand/ business- The more you invest in yourself the more people will willing invest in you!
5) Speed up the process of loans for your brand/business
6) You can open up a business account
7) Build trust with big brand vendors.
8) Get a new line of credit in your business name
Here is a link for more Information:
IRS EIN TAX ID| Online forms & application for Federal Tax ID (irs-ein-tax-id.com)