FEIN - Federal Employer Identification Number

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PostPosted: Fri Apr 08, 2011 1:39 am   Post subject: SS# vs. EIN  

If I am forming an LLC as husband and wife as the only members so it will be a disregarded entity for tax purposes should I get an EIN or use my SS#.

Wondering what the pros and cons are


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PostPosted: Fri Apr 08, 2011 3:13 am   Post subject:   

If you are forming an LLC, you will need a FEIN separate from your SSN. SSN can only be used by a sole-proprietor for reporting income from self-employment/business.



You will probably also need a separate state tax ID also.



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PostPosted: Mon Apr 11, 2011 11:01 pm   Post subject:   

what number do i call to get my fein #. i already have one but lost it


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PostPosted: Tue Apr 12, 2011 4:33 am   Post subject:   

Contact your local IRS office.



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PostPosted: Sun Apr 17, 2011 3:30 pm   Post subject: transfer#  

My father is retiring. He has had his # and company for 30 years. Is the # transferable to me his son?


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PostPosted: Mon Apr 18, 2011 12:22 pm   Post subject:   

Jeff . . .



YES. Although the FEIN is issued at the request of an individual (or other "person" such as an officer of a corporation or association), the FEIN is issued TO the organization, not the person, so nothing really needs to "transfer".



It is a simple paperwork transaction to change the "responsible person" under an FEIN, if necessary. As long as the business is not changing names, notifying the IRS of a change of control is not really necessary.



Changing your corporate documents is more important, as is notifying your state's registrar of corporations (usually the Secretary of State) of the change in control.



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PostPosted: Thu May 12, 2011 9:32 pm   Post subject: EIN and SSN  

Regarding the question. -"In theory, is it possible for an EIN and an SSN to be the same number." The short answer is Yes. Some additional Clarification:



A TIN is a taxpayer identification number. There are 4 types of TINs, SSN, EIN (or FEIN "employer identificaiton number" used for businesses, trusts, etc.), ATIN (adoptionTIN) and ITIN (for foreign individuals requiring a US taxpayer number).



It is possible for an EIN and SSN to be issued with the same numbers. They are formatted differently. The SSN is XXX-XX-XXXX, and an EIN is formatted XX-XXXXXXX. However, it is true that a TIN may be used for reporting with no formatting or TIN type, so the IRS or reporting entity may not know if the number is an EIN or SSN in all cases.



"Does this cause any problems." In theory, I could think of several, but it is hard to know for sure.


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PostPosted: Fri May 13, 2011 9:05 am   Post subject:   

Quote:
It is possible for an EIN and SSN to be issued with the same numbers. They are formatted differently.




It is not possible for this to occur. The series of the first three digits in either FEIN or SSN is descriptive of the region of the US in which the number is issued and the type of number specifically. The IRS does not issue duplicate numbers to more than one person, nor does it substitute an SSN for a FEIN.


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PostPosted: Sun May 15, 2011 2:19 am   Post subject: ein  

i aready have two different ein # from two different employers can I use one of them for an online business or do I need to apply for another one

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PostPosted: Sun May 15, 2011 11:58 pm   Post subject:   

Quote:
i aready have two different ein # from two different employers




Please clarify this. Are you saying that you have operated two different businesses, each with its own FEIN, or you have worked for two different employers and you want to use their FEIN to run your own business?



Or are you confusing Social Security Number with FEIN?



I can't figure out what you mean.


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PostPosted: Fri May 27, 2011 2:24 pm   Post subject:   

IF YOU ARE PLANNING TO BUY A BUSINESS CAN YOU APPLY FOR A FEIN BEFORE BUYING THE BUSINESS OR DO YOU HAVE TO BUY THE BUSINESS BEFORE APPLYING FOR THE F EIN NUMBER


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PostPosted: Fri May 27, 2011 7:47 pm   Post subject:   

When buying an established business, it may be more convenient to take over the existing FEIN instead of applying for a new one. You would probably want to wait to obtain the FEIN until after the purchase was completed. Getting a FEIN takes about 20 minutes if you apply at an IRS office.



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PostPosted: Tue Jul 19, 2011 7:25 pm   Post subject: fein  

how do i find my fein number?


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PostPosted: Tue Jul 19, 2011 11:19 pm   Post subject:   

Did you apply for one from the IRS? If you did, it's on the paperwork they gave you.



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PostPosted: Thu Jul 21, 2011 6:07 pm   Post subject: Certificate of Registration  

for a business, what is a Certificate of Registration


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