What is EIN? Definition, requirements, and how it applies to your business formation. Learn everything about employer identification number for LLCs and corporations.
# Employer Identification Number
An Employer Identification Number (EIN), also called a Federal Tax Identification Number, is a nine-digit number assigned by the IRS to identify a business entity for tax purposes. It functions as a Social Security Number for your business and is required for filing taxes, opening bank accounts, and hiring employees.
EINs are free to obtain directly from the IRS (online application available Monday-Friday, 7am-10pm ET). The online application provides an EIN immediately upon completion. Every LLC and corporation should have its own EIN, separate from the owner's SSN.
Lovie obtains your EIN as part of the formation process, so your entity is tax-ready and bank-ready from day one.