Frequently asked questions

  • I bought an existing business. Do I need a new EIN?
    Yes. A new EIN is essential to identifying your business for tax purposes. Using the previous owner’s EIN can lead to major problems—particularly if there were any previous tax problems, such as unpaid payroll taxes or improperly claimed credits.
  • I changed from a corporation to an LLC. Do I need a new EIN?
    Generally, yes. You typically need a new EIN when you change your business structure. CT’s incorporation experts can help you determine if this rule applies in your case.
  • I don’t have employees. Do I need an EIN?
    Yes. Much like a Social Security number, the government uses your EIN (also known as a federal business tax ID number) to identify your business. Every corporation needs for taxes, even if you don’t have employees. Additionally, banks, credit card companies, and vendors will likely demand your EIN before transactions.
  • How do I apply for an EIN?
    You can apply online or using IRS Form SS-4 (“Application for Employer Identification Number”). Either way, you’ll need to supply information about your business, including your industry type and projected number of employees. CT can help you sort through the IRS lingo to make sure your application is accurate.
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