Frequently Asked Questions

Banking & EIN

Why do I want a company bank account?

Nearly all startups will need a company bank account, and having a company bank account in turn requires being incorporated.

Do I need to be a US Citizen to receive an EIN?

No, but the applicant will need a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) to successfully obtain an EIN. For more information, see https://www.irs.gov/individuals/general-itin-information.

What's an EIN?

The Employer Identification Number (EIN), also called a Federal Tax ID Number, is used to identify a business entity so that the Internal Revenue Service can keep track of the funds paid to and from the business, and thus ensure that the business is paying the appropriate taxes each year, if required. An EIN is to a business what a Social Security Number (SSN) is to a natural person. 

Where can I find my EIN Confirmation Letter?

After processing and issuing your company’s EIN, the IRS will send your EIN confirmation letter (also called CP 575) to the mailing address listed on your Form SS-4. It may take several weeks to receive this letter after the EIN has been issued electronically. Many banks and vendors may ask you to provide this confirmation letter in order to do business with your company.