Apply for a Partnership Tax ID (EIN) Number | How to Apply Online
Is your business classified as a "partnership"? If so, one of the key things you're going to need to do business is a Partnership Tax ID (EIN) Number. Applying for a Partnership Tax ID Number is a simple process - and one you'll want to complete as soon as possible. But how can you get a Partnership Tax ID Number online?
- Prepare Business Owner Information
- Apply for a Partnership Tax ID (EIN) Number Online
- Apply for a Partnership Tax ID (EIN) Number by Phone, Mail or Fax
- Does a Partnership Have to Have an EIN Number?
- If My Business Is Classified as a Partnership, Do We Need Separate Tax IDs?
- How Do I Get an EIN Number for a Partnership?
Before you apply for a Partnership Tax ID (EIN) Number, you should collect basic information regarding the company's partners. This includes each partner's individual tax ID number, date of birth, full name and mailing address. In addition, you should have information regarding the company and its structure, including the industry that the company is in.
A tax ID service can help you apply for a Partnership Tax ID (EIN) Number online. Applying online is the most expedient method because you can acquire your EIN within an hour rather than waiting days or even weeks. To apply for an EIN number online, you just need to prepare your business owner information and present it to the tax ID service. The tax ID service will return an EIN number to you, which you can begin using immediately upon receipt.
There are many benefits to using an online tax ID service, including the following:
- A tax ID service will correct any mistakes on your application, making sure that it goes through smoothly the first time.
- A tax ID service will handle the application process for you so you don't need to worry about filling out time-consuming paperwork.
- A tax ID service will be able to advise you on the process of applying for a Partnership Tax ID Number.
Further, a tax ID service can assist you in getting other business tax IDs that your partnership may need.
It is possible to apply for a Partnership Tax ID (EIN) through phone, mail or fax. However, the process will be lengthier and more time-consuming than applying for an EIN online.
You can call in during business hours to talk to someone directly about your tax ID number. However, you will need to have all of your information in place, and you will need to handle it during business operation on a non-toll-free number. This can be costly.
You can mail in a paper form for your tax ID number. Your paper form is going to be processed in a time frame of four to six weeks from receipt. However, if there are any mistakes on the form, it will be returned to you and you'll need to begin the process again.
You can fax in a paper form to be processed within a few days. However, fax machines can be unpredictable and unreliable, and if your form is not received or if you don't receive your EIN back, it may delay your request.
There are no downsides to using an online service as an online service can return your EIN number immediately.
Yes. A partnership is a business entity that must pay taxes, and consequently, it does need a tax ID number. As a business entity, an EIN number fulfills a number of roles, which include letting you:
- Pay federal taxes
- Pay payroll taxes
- Hire employees
- Open business accounts
- Get business loans
It is not possible to hire employees without a tax ID number, and many business bank accounts, loans and credit accounts require that you have a tax ID number to identify you to the financial institution. Furthermore, you aren't going to be able to pay taxes without a tax ID number, which could eventually lead to fines and penalties if your taxes are paid late.
There are some business entities that do not need an EIN number, such as a sole proprietorship that does not hire employees. A partnership, however, needs to file taxes as an independent entity, and because of that, it needs to have a Partnership Tax ID.
No. A partnership only needs a single Tax ID because a partnership is a single business entity. In fact, that's one of the main reasons to form a partnership: It makes it so that the business, as an entity, is responsible for its own assets and liabilities.
There are several methods for getting an EIN number. You can get an EIN number through the phone, mail, fax or online - but the online application process is both easier and faster. You can get an EIN number for a partnership within an hour through the online process, while the other processes may take up to six weeks.
To get an EIN number, you can begin by collecting basic information about the partners and your business. Submit this information, and the tax ID service will handle the entire process of acquiring the EIN number for you. Once your EIN number has been received online, you can begin using it.
A tax ID number is necessary for many reasons: hiring employees, opening bank accounts, applying for business loans and paying business taxes. If you've opened a partnership recently, your next step will be acquiring an EIN number. Luckily, you can get a Partnership Tax ID (EIN) Number through a painless process: You just need to use a tax ID service to submit your application online.