Q.Does a corporation need to obtain a Federal Tax Identification Number?
A.Most banks require corporations and limited liability companies to obtain a Federal Employer Tax Identification Number ("EIN Number") as a prerequisite to opening a bank account regardless of whether the company will have employees. The EIN Number is to a corporation, what a Social Security Number is to an individual.
To obtain an EIN Number, you will need to: (1) complete I.R.S. Form SS-4, (2) call the IRS and relay the information on the SS-4 Form to the I.R.S. representative, (3) write down the EIN Number given to you by the IRS, and then (4) fax or mail the completed SS-4 form back to the I.R.S. Completing the SS-4 form can be tricky, so you may want to employ the services of an attorney or accountant to review your completed SS-4 before you call and submit the information to the IRS.
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