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Tax ID number – What is it and do I need it?

By Globesamerica Subscribe to RSS | February 10th 2012 | Views:
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Part of the US incorporation process, of an LLC or INC is to obtain a Tax ID number. An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity (LLC, INC).

Generally, businesses need an EIN if you meet one of the following: if you operate your business as a corporation, partnership or LLC, If you have employees, if you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms, if you withhold taxes on income, other than wages, paid to a non-resident alien.

All EIN applications must disclose the name the name of the “responsible party. This individual or entity, will control, manage, or direct the applicant entity and the disposition of its funds and assets. If there is more than one responsible party (Multi member LLC, few shareholders) the entity may list whichever party the entity wants the IRS to recognize as the responsible party.

According to the Instructions for the current revision of the application, the “responsible party” is defined as follows: For entities with shares or interests traded on a public exchange, or which are registered with the Securities and Exchange Commission, “responsible party” is (a) the principal officer, if the business is a corporation, (b) a general partner, if a partnership, (c) the owner of an entity that is disregarded as separate from its owner (disregarded entities owned by a corporation enter the corporation’s name and EIN), or (d) a grantor, owner, or trustor if a trust. For all other entities, “responsible party” is the person who has a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the individual, directly or indirectly, to control, manage or direct the entity and the disposition of its funds and assets. The ability to fund the entity or the entitlement to the property of the entity alone, however, without any corresponding authority to control, manage, or direct the entity (such as in the case of a minor child beneficiary), does not cause the individual to be a responsible party.

How Will I get it for my US Company?

After registering your US Company with the state, you can fill the EIN application. Form ss-4 can be downloaded from the IRS website.

You will need to fill the LLC's or INC's name, US address, responsible party, principal activity, date and sign it. The form can be submitted to the IRS via mail, fax, and phone or online.

Globesamerica - About Author:
Globes America is a USA Limited Liability Company offers services such as registration, incorporation for non us residents, Corporation, bank account, merchant account, tax & address. If you are looking for specialized corporation services, please feel free to contact us. Our live chat professionals are also available 24/7 for your help.

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