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For those of you who haven’t yet had the pleasure of speaking with a representative here at Harvard Business Services, Inc., you will find that we are helpful, friendly and ready to take care of your corporate needs.
If you have just incorporated your company through Harvard Business Services, Inc., congratulations! If you plan on conducting business in the United States, your next step is to apply for an EIN, as it is mandatory.
An employee identification number (EIN) is a nin- digit number the IRS assigns to employers, corporations, sole proprietors, partnerships, government agencies, non-profit organizations and many other business associations in order to identify tax accounts. Harvard Business Services, Inc. provides a fast and efficient online service that will save you time and frustration.
The first page of our helpful form will ask general details, such as the company name, email address, phone number and the type of company you have incorporated. This information allows HBS to contact you if necessary and forward the prepared SS-4 application via email for accuracy and signature.
Next, the IRS requires a mailing address. This is used to forward a formal acceptance letter, which will include your Employer Identification Number. Please note the county is required. If the mailing address for the company differs from the principal place of business (physical location), our application allows you to include both. The final question on this page asks about a trade name, aka doing business as or DBA. Kindly include the name, if applicable, save and continue.
Next you will see the Responsible Party details. As stated on the application, the responsible party must be authorized to receive correspondence from the IRS. A Responsible Party may be a principal officer, general partner, owner, grantor, or trustee. If the Responsible Party has a valid social security number, you may safely enter it here. However, as noted, the online form can be submitted to Harvard Business Servies, Inc. without the SSN, ITIN or Member EIN number. We will send the application to you for review, and you may add the number at that time. However, we cannot apply as a nominee; you must sign the application before we can submit it to the IRS for you.
Once you have completed the Responsible Party details, please save and continue. You are more than halfway through the application. Next you'll need to share with us more specific details about your company. To expedite this, we have included options for the category that best describes your business. Please provide a description of your business activity (a short explanation will suffice) and the state of incorporation and date in which the company was formed. If you do not know the date your company was formed, feel free to contact our office or refer to your Certificate of Incorporation.
Is December your closing month of the accounting year? If not, please adjust accordingly. If you are forming a Limited Liability Company taxed as a partnership, your year-end must be December 31.
Then, if you are applying for an LLC, please include the number of members involved. The IRS defaults a single member LLC as a Sole Proprietorship, and two or more members default as a Partnership. For Corporations, you will be asked the type of entity you own.The drop-down box lets you choose from C-Corp, which can be described as a classic or general corporation taxed pursuant to Subchapter C, or an S-Corp, which is a general or close corporation that elects to pass income, losses, deductions and credit to their shareholders in order to avoid double taxation. For any additional information, please call our office.
Does your company plan on hiring any employees in the next twelve months? Please be sure to keep in mind this is for United States employees only. After answering this question, please hit save and continue.
If you will be hiring employees, you will need to know the first date that wages will be paid, and the highest number of agricultural (i.e., farmers), household (i.e., driver, maid) and other employees expected in the next twelve months. Please select the appropriate answer regarding total wages expected and continue to the next page.
The final page provides the services you would like to order from Harvard Business Services, Inc. If you decide our Standard service suits your needs, please expect the emailed application for review within 24 business hours. Would you rather have the application in your hands immediately? The Express Service would be better for you. You’ll be on your way to opening that bank account in no time. We make it easy for you.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.