BUSINESS SERVICES

Business Assist Center

> Avoid the hassle of preparing & filing government documents

> We make it easy to get your EIN

> Competitive pricing on all our business assist services

Employer Identification Number EIN

What Is An Employer Identification Number (EIN)?

An Employer Identification Number (EIN) is a unique identification number assigned by the Internal Revenue Service (IRS) to businesses and other entities operating in the United States. Also known as a Federal Employer Identification Number (FEIN), it serves to identify a business entity for tax purposes.

Here are some key points about EIN:

> Identification for Tax Purposes: The EIN is used by the IRS to identify businesses, estates, trusts, and other entities for tax reporting. It is similar to a social security number for an individual.

> Required for Certain Businesses: Businesses that operate as corporations, partnerships, or have employees are typically required to have an EIN. It’s also needed for certain types of trusts and estates.

> Opening a Business Bank Account: Many banks require an EIN to open a business bank account. It helps establish the separation between personal and business finances.

> Filing Tax Returns: Businesses use their EIN when filing various tax returns, including income tax returns and employment tax returns.

> Changing Business Structure: If a business undergoes changes, such as a change in ownership or structure, it may need to apply for a new EIN.

Having an EIN is essential for fulfilling various tax obligations and conducting financial transactions on behalf of a business entity.

Who Is Required To Have An EIN?

Several types of entities and business structures are required to have an Employer Identification Number (EIN). Here are some examples:

> Corporations: All types, including C corporations and S corporations, must have an EIN.

> Partnerships: Both general and limited partnerships are required to obtain an EIN.

> Limited Liability Companies (LLCs): While not universal, LLCs with employees or multiple members typically need an EIN.

> Nonprofit Organizations: Nonprofits, trusts, and specific entities often require an EIN.

> Estates and Trusts: Estates of deceased individuals and certain trusts, like irrevocable trusts, need an EIN.

> Employers: Any entity with employees, regardless of legal structure, must have an EIN.

> Business Retirement Plans: Businesses with Keogh plans or certain retirement plans like IRAs or Solo 401(k)s need an EIN.

It’s important to note that even if not explicitly required, many businesses choose to obtain an EIN for various practical reasons, such as opening a business bank account or establishing a clear separation between personal and business finances. Additionally, changes in business structure or ownership may necessitate obtaining a new EIN.

starting a business

Apply For An Employer Identification Number

Starting a business can be an exciting endeavor, but it also comes with a number of important administrative tasks to complete. One of these tasks is obtaining an Employer Identification Number (EIN). This nine-digit number, issued by the IRS, serves as a unique identifier for your business and is essential for filing taxes and managing employee accounts. Think of it as a social security number for your business. Luckily, our filing experts are here to make the process quick and easy so you can focus on growing your business with peace of mind.

> Apply for EIN with the IRS – $50

> File for Assumed Name with State of MN – $75

> File for Business Corporation with State of MN – $200

> File for Limited Liability Company with State of MN – $200

> Order Copy of Original Articles with the State of MN – $30

> Renew currently active business with the State of MN – $25

> Renew currently inactive business with the State of MN – $75

Register Limited Liability Company In Minnesota

Your Exchange Money Center’s Business Assist Service is your dedicated partner for essential corporate services. In a world where the smallest oversight can impede your business progress, trust in our expertise to navigate the complexities of corporate filings and ensure your ventures thrive.

Starting an LLC (Limited Liability Company) or INC (Incorporation) in Minnesota involves several steps. Here are some of the initial steps to help you through the process:

Name your INC or LLC, choose a unique name for your company that complies with Minnesota naming rules. Your chosen name should include “Limited Liability Company” or abbreviations like “LLC” , “INC” or “L.L.C.”

> Designate a registered agent, you need a registered agent who will receive legal documents on behalf of your LLC.
The agent can be an individual or a business entity authorized to conduct business in Minnesota.

File articles of organization, prepare and file the Articles of Organization with the Minnesota Secretary of State. You can file online, by mail, in person or we can help walk you through the entire process. Regardless of your method, there is a filing fee associated with this step. You’ll need to provide your LLC’s or INC’s name, registered agent’s name and address, and basic information about the LLC’s management structure.

Speak with our Business Assist team to get help on any of the requirements for filing a new business in Minnesota.

man filing business in Minnesota
schedule C tax form

Business Tax Services

> Small business owners who are sole proprietors often face tax return challenges that can be overwhelming and confusing. If you’re someone who falls into this category, you understand the frustrations of trying to navigate the complicated system on your own.

> Fortunately, our Tax Max program is here to help. Designed to assist small business owners with Schedule C tax returns, we take the guesswork out of filing and ensure that you’re maximizing your deductions, minimizing your liabilities, and keeping more of your hard-earned money in your pocket.

> Whether you’re an Uber driver on a 1099-NEC form or another type of sole proprietor, our program is tailored to meet your unique needs and help you achieve greater financial success.

What Advantages Come With Having An EIN?

> Establish a Business Bank Account: Many banks mandate an EIN to open a business account. Additionally, having the appropriate business license is typically required to demonstrate your authorization to operate.

> Secure Financing with a Bank Loan: Prior to applying for a bank loan, most financial institutions will require you to have a business account, emphasizing the importance of having an EIN.

> Build Your Team: If you plan to hire employees, obtaining an EIN is not just a choice but a necessity. Setting up payroll systems and ensuring compliance requires this unique identifier.

> Tax Compliance: For accurate tax filing, having an EIN is crucial if it’s a requirement. Filing taxes without it may expose you to potential penalties.

> Enhance Business Credibility: Acquiring an EIN not only fulfills legal requirements but also adds a layer of professionalism to your business. It signals to stakeholders that you are dedicated and responsible.

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Business Tax Services - Frequently Asked Questions

Find answers to common questions about our business assist services. 

EIN (Employer Identification Number) and FEIN (Federal Employer Identification Number) are essentially the same thing. Both terms refer to a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify a business entity. This number is used for tax purposes, such as filing returns and other documentation.

While EIN is a widely used term and stands for “Employer Identification Number,” FEIN specifically includes the term “Federal” and stands for “Federal Employer Identification Number.” The term “FEIN” may have been more commonly used in the past, but nowadays, “EIN” is generally the preferred and more commonly used term.

As a small business owner, keeping your personal and business finances separate is crucial for financial stability. By obtaining an EIN for your business, you can reserve your Social Security Number for personal use and prevent identity thieves from wreaking havoc on your personal assets. 

While having employees is a common trigger for getting an EIN, there are other situations where obtaining an EIN may be necessary or beneficial. It’s a good idea to consult with a tax professional or check with the IRS to determine your specific requirements.

The ideal moment to apply for an Employer Identification Number (EIN) for your business is once it has been officially established. When you submit an application for an EIN, the IRS operates under the assumption that your business is already legally formed and operational. This ensures a smoother process and helps you align your tax responsibilities with the existence of your business entity.