EIN

Employment Identification Number

Also known as a Federal Employer Identification Number (FEIN) or Federal Tax Identification Number, it’s a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States. An EIN is used to identify a business entity for various tax purposes, similar to how a Social Security Number (SSN) is used to identify individuals. Businesses use their EIN to file tax returns, hire employees, open bank accounts, and conduct other business-related activities. An EIN is required for various types of business entities, including:

• Sole proprietorships with employees (other than the owner)
• Partnerships
• Corporations
• Limited Liability Companies (LLCs)
• Trusts and estates
• Non-profit organizations

To obtain an EIN, a business can apply online through the IRS website, by mail, by fax, or by telephone (for international applicants). The process is generally quick and straightforward, and obtaining an EIN is inexpensive.

• Abbreviation: EIN
• Source: IRS