Frequently Asked Questions by New Business Owners

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The IRS makes it easy to apply for and receive an EIN online. 

You need an EIN if you:

• Started a new business
• Hired or will hire employees, including household employees
• Opened a bank account that requires an EIN for banking purposes
• Changed the legal character or ownership of your organization (for example, you incorporate a sole proprietorship or form a partnership)
• Purchased a going business
• Created a trust
• Created a pension plan as a plan administrator
• Are a foreign person and need an EIN to comply with IRS withholding regulations
• Are a withholding agent for taxes on non-wage income paid to an alien (such as an individual, a corporation, or a partnership)
• Are a state or local agency
• Are a federal government unit or agency
• Formed a corporation
• Formed a partnership
• Administer an estate formed as a result of a person's death
• Represent an estate that operates a business after the owner's death.

You will need to know your legal structure and have the information about your company from your state's Secretary of State. For example, is your business a partnership, corporation, or LLC?

Below is the link to the application. Please feel free to contact us if you need any help 

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Some common choices to raise money are:

• Family and friends. Many businesses are started with family support. 
• An SBA Loan or commercial loan.
• An equity line of credit.
• When a business is up and running, you may be able to raise money from investors either by offering a share of the profits and losses (equity) or by offering interest on a loan or both.

Whether you apply for a loan or offer equity to investors, you will need to tell the story of your business with the Income Statement, Balance Sheet, and Statement of Cash Flows.

Some common choices to raise money are:

• Family and friends. Many businesses are started with family support. 
• An SBA Loan or commercial loan.
• An equity line of credit.
• When a business is up and running, you may be able to raise money from investors either by offering a share of the profits and losses (equity) or by offering interest on a loan or both.

Whether you apply for a loan or offer equity to investors, you will need to tell the story of your business with the Income Statement, Balance Sheet, and Statement of Cash Flows.