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Q.Do I need a Federal Tax ID Number (EIN)?
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 Form to the IRS 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 IRS. 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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