Most businesses need a Federal Tax ID (EIN)
Required for business banking
Banks require businesses, trusts, estates and sole proprietors to have a Federal Tax ID (EIN) in order to open a bank account or apply for a line of credit.
Required by the IRS for taxes
The Internal Revenue Service (IRS) requires all businesses to obtain an Employer Identification Number (EIN), also known as a Federal Tax ID, for filing taxes.
Protects you and your business
Business and sole proprietors may use their Federal Tax ID numbers (EIN) for all business activity in place of their Social Security Number to protect against identity theft.