EIN – Employer Identification Number

Employer identification number (EIN), AKA federal tax identification number is a 9 digits number that is use to identify a business identity for tax purposes or business related items only.

The EIN is similar to the Social security number (SSN) that a person have but the EIN is meant for business purposes while SSN is meant for personal use.

The world is changing.

Many people are starting to work from home.

Many people are starting to create home businesses.

If you decided to create a home base business, there are a few things that you may want to learn, do research and keep in mind.

Where can you register your EIN?

You can get your business register with the secretary of state

Many people are choosing to stop using their social security number (SSN) and instead start to use a Employer identification number (EIN).

Borrowing money is easier with EIN

Is easier to borrow money from the bank when using an EIN. There are people that unlock thousands of dollars, hundreds of thousands of dollars or millions of dollars for the business in just few months.

There are many people that invest money with the aim to make a profit. They are call investors. Investors want to loan money to businesses.

Banks are in business to make money.

Banks can be consider investors too. Banks want to loan money to businesses.

Line of credit

If you have an EIN you can build business credits, you can get business loans, you can get a business credit card, you can build business line of credit and much more.

To open a business checking account, a SSN is still needed!

By the way, even if you have an Employer identification number (EIN), you still are going to need a social security number (SSN) in order to open a business checking account.

Other stuff

You may want to do research on

Cash credit, vendor credit, store credit, trade line and so on.

That’s it.

Take a calculated risk.

Now, start and adjust as you go.

Similar Posts