An EIN is a unique nine-digit number that identifies your business for tax purposes. It’s like a Social Security number but is meant for business related items only.

As a business owner, you’ll need an EIN to:

  • open a business bank account
  • get a merchant account
  • apply for business licenses
  • file your tax returns
  • secure business credit
  • get access to funding

It’s helpful to apply for one as soon as you start planning your business. This will ensure there are no delays in getting the appropriate licenses or financing that you may need to operate.

How Much Does An EIN Cost?

You’ll see there are companies that offer EIN creation for $49-$99. 

What you may not know is that to obtain an EIN it’s FREE!  To get your EIN number visit your local state government website. 

Make sure the website is a .gov as many companies have made similar sites to trick customers into paying for an EIN number.

You will be asked to select a NAISC code – this is how your business will be categorized.

Do some research before selecting your NAISC codes as certain ones will make it harder for you to get things like:

  • Bank Account
  • Merchant accounts
  • Funding

Once you have your EIN paperwork, take that and your LLC paperwork to whatever bank or credit union you have decided to join.

You will need them both to get approved for a business bank account.