Get a Tax ID Number for a Personal Service Corporation Online
Consultants, accountants, lawyers, and clinicians: the personal services industry is broad. A personal services company is any company in which employee-owners perform at least 20% of the work done. This includes many professional firms and clinics. Regardless of the specific industry you're in, if you own a personal services company, it's very likely that you need a Tax ID (EIN) Number.
Steps to Getting a Tax ID (EIN) Number for your Personal Service Corporation Online
- Prepare Mandatory Business Information
- Apply for a Personal Service Corporation Tax ID (EIN) Number Online
- Apply for a Personal Service Corporation Tax ID (EIN) Number via Mail or Fax
- How Do I Obtain a Tax ID (EIN) Number for my Personal Service Corporation?
- How Long Does it Take to Obtain a Tax ID (EIN) Number for my Personal Service Corporation?
- Why Do I Need a Tax ID (EIN) Number for my Personal Service Corporation?
Apply for a Personal Service Corporation Tax ID (EIN) Number
Apply for a Tax ID (EIN) Number in Iowa & Obtain your Tax ID in 1 Hour or less.
1. Prepare Mandatory Business Information
Before you get an EIN Number, you'll need to be able to answer a few questions:
- What is your company's official name and mailing address?
- When was your company formed and what is its business structure?
- What is the reason that it needs an EIN?
- Who is responsible for this company, and what is their SSN?
The reason that the company needs an EIN is fairly informal. Most companies need an EIN because they're just being formed. However, occasionally a company may not get an EIN until they need to open a business bank account, hire an employee, or perform some other type of official action.
Since a personal services company usually has multiple owners, you may need to nominate a single owner to take care of the application. Alternatively, you can use the services of a registered agent.
2. Apply for a Personal Service Corporation Tax ID (EIN) Number Online
Need an EIN Number right away? If you want an EIN Number in an hour, you should use the online application process. An online tax ID service will collect information about your business and send it in for processing right away. You'll get an EIN Number immediately and be able to use it once you get it.
The online EIN process is both fast and simple: you should be able to answer the application questions within only a few minutes. Make sure you have the company's formation documents with you, and you should have everything you need.
3. Apply for a Personal Service Corporation Tax ID (EIN) Number via Mail or Fax
The same form that is sent in during the online application process can also be printed to be mailed or faxed. If you feel more comfortable applying through a paper process, it's possible, but it will take much longer to receive your EIN.
When you send your EIN application in through the mail, you can expect to receive it back in four weeks (if processing time is light) or six weeks (if processing time is heavy). If you need your EIN Number for business bank accounts, to hire employees, or to get loans, this could take too long.
When you send your EIN application in through the fax, the situation is a little better; you'll get it back in three to five business days. However, fax introduces its own problems, as fax can be quite finicky to use. You'll need access to a fax machine (rare these days), and you'll have to receive faxes back (to get your EIN).
Ultimately, applying through the internet is the best bet; you'll get your EIN Number returned to you in an hour.
4. How Do I Obtain a Tax ID (EIN) Number for my Personal Service Corporation?
Obtaining a tax ID number for a personal services corporation is a breeze. All you need to do is:
- Collect your company's formation documents.
- Contact a tax ID service.
- Fill out a simple online form.
- Get your tax ID sent to you through email.
A tax ID can be acquired within an hour through a tax ID service, and the tax ID service will be able to review your documents to make sure everything is correct.
The application process for a personal services corporation shouldn't take more than a few minutes to go through, on its own, and there isn't much information that you need to present: the company information, business owner information, and the reason for requesting an EIN.
5. How Long Does it Take to Obtain a Tax ID (EIN) Number for my Personal Service Corporation?
If you apply for an EIN Number online, you should be able to get it returned to you within an hour. If you apply through fax, you can expect it to take up to five business days; if you apply through mail, it can take up to six weeks. Don't use the mail or fax methods if you need your EIN Number immediately. It's best to use the online application if there are any time constraints.
If there are any issues processing your application, it may take longer. You'll need to correct any issues and then send the application in for processing again. This is another reason why it's best to use the fast online application.
6. Why Do I Need a Tax ID (EIN) Number for my Personal Service Corporation?
In a personal services corporation, the business owners perform about 20% of the work. So, who's doing the rest of the work? It's likely the employees... and if you have employees, you need an Employer Identification Number. A Tax ID Number (EIN) is going to be used for hiring employees, paying employees, and paying taxes for those employees.
In addition to this, a Tax ID (EIN) Number is used for: business loans, bank loans, business credit cards, permits and licenses, and business leases. Tax ID Numbers are used essentially any time a bank or other company needs a unique, identifying number through which to assess your company's reputation and creditworthiness.
If you own a personal services corporation, it's likely that you will need a Tax ID (EIN) Number as soon as possible. Through an online application process, you can get an EIN Number within an hour.
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