takes forever to get a response. Assuming you want things to move quicker, the easier step is to call the IRS at 800-829-4933. They will ask you for information off the form and give you the EIN there and then. Alternatively, you can go to their site and do the application online. Just search for “EIN” and then fill out the form. Importantly, write down the EIN when it appears as the IRS does not send you a confirming email.

Getting an EIN for a

If you are going into business, the smart move is almost always to form a business entity to protect you from lawsuits. If you take this step, you need to get a tax identification number for the entity.

Let’s face it. There is a certain amount of legal risk if you go into business for yourself. You need only watch the news or read the paper to see all kinds of scary lawsuits and judgments. Hey, we all remember the jury that awarded three million dollars to the women who said her McDonalds coffee was to hot. If that doesn’t scare you, nothing will.

Fortunately, the law also gives you some ammunition to fight back against potential lawsuits. The ammunition comes in the form of business entities that protect you from personal liability for the debts of the business. These debts include lawsuit judgments.

The two most common business entities used for this purpose are the corporation and limited liability company. Although each is unique, they create a shield between your personal assets and the business. This occurs because the entities are treated as though they are a unique person. If they get into trouble, you are not liable. For example, buying shares in Google, a publicly traded corporation, does not mean you are on the hook if Google loses a lawsuit.

Obviously, the liability protection of a business entity is a good thing. That being said, you have to treat it as a separate individual to keep the shield in place. In this case, we are talking about getting a tax identification number for it. Of course, the IRS doesn’t call it that. Instead, it is called an Employee Identification Number or EIN. So, how do you get one?

The first thing to do is download the SS-4 form off the IRS website. Fill it out so you have all the information necessary. You can mail it in, but it takes forever to get a response. Assuming you want things to move quicker, the easier step is to call the IRS at 800-829-4933. They will ask you for information off the form and give you the EIN there and then. Alternatively, you can go to their site and do the application online. Just search for “EIN” and then fill out the form. Importantly, write down the EIN when it appears as the IRS does not send you a confirming email.

Getting an EIN for a

ollars to the women who said her McDonalds coffee was to hot. If that doesn’t scare you, nothing will.

Fortunately, the law also gives you some ammunition to fight back against potential lawsuits. The ammunition comes in the form of business entities that protect you from personal liability for the debts of the business. These debts include lawsuit judgments.

The two most common business entities used for this purpose are the corporation and limited liability company. Although each is unique, they create a shield between your personal assets and the business. This occurs because the entities are treated as though they are a unique person. If they get into trouble, you are not liable. For example, buying shares in Google, a publicly traded corporation, does not mean you are on the hook if Google loses a lawsuit.

Obviously, the liability protection of a business entity is a good thing. That being said, you have to treat it as a separate individual to keep the shield in place. In this case, we are talking about getting a tax identification number for it. Of course, the IRS doesn’t call it that. Instead, it is called an Employee Identification Number or EIN. So, how do you get one?

The first thing to do is download the SS-4 form off the IRS website. Fill it out so you have all the information necessary. You can mail it in, but it takes forever to get a response. Assuming you want things to move quicker, the easier step is to call the IRS at 800-829-4933. They will ask you for information off the form and give you the EIN there and then. Alternatively, you can go to their site and do the application online. Just search for “EIN” and then fill out the form. Importantly, write down the EIN when it appears as the IRS does not send you a confirming email.

Getting an EIN for a

limited liability company. Although each is unique, they create a shield between your personal assets and the business. This occurs because the entities are treated as though they are a unique person. If they get into trouble, you are not liable. For example, buying shares in Google, a publicly traded corporation, does not mean you are on the hook if Google loses a lawsuit.

Obviously, the liability protection of a business entity is a good thing. That being said, you have to treat it as a separate individual to keep the shield in place. In this case, we are talking about getting a tax identification number for it. Of course, the IRS doesn’t call it that. Instead, it is called an Employee Identification Number or EIN. So, how do you get one?

The first thing to do is download the SS-4 form off the IRS website. Fill it out so you have all the information necessary. You can mail it in, but it takes forever to get a response. Assuming you want things to move quicker, the easier step is to call the IRS at 800-829-4933. They will ask you for information off the form and give you the EIN there and then. Alternatively, you can go to their site and do the application online. Just search for “EIN” and then fill out the form. Importantly, write down the EIN when it appears as the IRS does not send you a confirming email.

Getting an EIN for a

That being said, you have to treat it as a separate individual to keep the shield in place. In this case, we are talking about getting a tax identification number for it. Of course, the IRS doesn’t call it that. Instead, it is called an Employee Identification Number or EIN. So, how do you get one?

The first thing to do is download the SS-4 form off the IRS website. Fill it out so you have all the information necessary. You can mail it in, but it takes forever to get a response. Assuming you want things to move quicker, the easier step is to call the IRS at 800-829-4933. They will ask you for information off the form and give you the EIN there and then. Alternatively, you can go to their site and do the application online. Just search for “EIN” and then fill out the form. Importantly, write down the EIN when it appears as the IRS does not send you a confirming email.

Getting an EIN for a

takes forever to get a response. Assuming you want things to move quicker, the easier step is to call the IRS at 800-829-4933. They will ask you for information off the form and give you the EIN there and then. Alternatively, you can go to their site and do the application online. Just search for “EIN” and then fill out the form. Importantly, write down the EIN when it appears as the IRS does not send you a confirming email.

Getting an EIN for a business entity is fairly simple. Just make sure you need one. Single owner LLCs often do not. If you have any doubts, hire an accountant to do it. It will cost a couple of bucks, but is worth getting it right.