I’m planning to launch a tech startup with a unique app, and investors are already showing interest. I’ll need to set up a business bank account, manage payroll for new hires, and handle tax filings professionally. How can an EIN facilitate this growth?
Answer by: Abdullah Al Naim
7 months ago
The benefits of obtaining an EIN include:
- Separate Tax Identity: Distinguishes the business for tax purposes, adding professionalism.
- Hiring Employees: Enables payroll management and compliance with employment tax laws.
- Opening Business Accounts: Required to establish a business bank account for financial transactions.
- Attracting Financing: Simplifies applying for business loans and attracting investors.
- Filing Taxes: Ensures proper filing of business tax returns, meeting IRS requirements.
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