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Most banks require an Employer Identification Number to open a business-class deposit account. An EIN is the business equivalent of an individual's Social Security number. Although the only companies required to have an EIN are those that have a business tax liability, such as employee taxes, to gather and pay, most businesses and nonprofits nevertheless maintain an EIN for accounting purposes. |
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Step 1 Obtain a copy of IRS Form SS-4. Find a link in Resources. Step 2 Review the form to determine the proper business structure and appropriate authorized contacts to speak to the IRS on behalf of the EIN. Step 3 In the alternative, apply online for an EIN. This process essentially automates the SS-4, and it provides an immediate provisional EIN assignment. The filing takes less than 10 minutes and there is no fee. Find a link to the process in References. Step 4 If online filing is not acceptable, use the IRS automated EIN hotline at (800) 829-4933, or fax or mail a copy of the Form SS-4 to the appropriate IRS office using the numbers listed on the form. Telephone registrations will get an immediate EIN over the phone; mail and fax registrations will receive an EIN as soon as IRS officials process the form. Step 5 Bring the completed IRS letter assigning an EIN to the bank official. He will use this letter as verification of EIN status and will then proceed with opening the business account. |
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