How can you start your own business when you do not know your obligations as a business owner? Some people assume that starting their own business means having an idea and making that idea come alive. To a certain extent, this is true but the legal obligations should not be forgotten.
A business owner should be familiar with the following things:
- Income Taxes
- Payroll Taxes
- EIN number
- Accounting Method
- Health Care for Employees
These are just a few of the things that you need to be familiar with. There are still so much more to focus on. Some people who plan on starting their own business may assume that everything is easy but this is not the case at all. There are moments when you would need the help of professionals to guide you in the various processes you will go through.
For now, you should focus on getting your EIN number. Do you know how to apply for EIN number online? This is the process that you can follow:
1. You need to know if you are eligible to get an EIN number. You are allowed to get if your business is located in the US or other US territories. You are required to have an SSN.
2. To get your EIN number, you should have all of the important information ready. You will be asked to provide all the needed details in one online session. If you do not complete the form, you have to start over again the next time that you try applying again.
3. If in case you are unable to complete the online session because of inactivity, you need to redo the whole form. The form will not become valid if you do not do anything to it for 15 minutes.
4. Having the ability to provide all the requirements and valid information will allow you to get your EIN immediately.
5. You will be sent an email confirming your EIN application.
The EIN filing service is a big help to a lot of US residents who have not acquired their EIN yet.
Other Options to Apply for EIN
If you are a non-US resident but your principal business is in the US, do not fret because there are other options available for you. The most common method that people do is to send a letter to the department in charge of providing EIN. This is effective but the long waiting period is not really ideal for people who need to get their EIN immediately. You should consider fixing this even before you focus on the other aspects of your business.
Another easy option is to send a fax message with the SS-4 application form. Make sure that the form is complete. This will be faxed to the department in charge of providing the EIN number. You can wait for your confirmation or you would also be informed if there are some parts you have missed. This is faster compared to sending a snail mail. You can receive your EIN number (if approved) within four (4) business days.