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The EIN or Federal Employer Identification Number is generally needed for banking, applying for business credit, setting up accounts with vendors, hiring employees and filing taxes. When applying for an EIN, there are plenty of issues that you may run into along the way that could complicate, delay or even cause the IRS to reject the application altogether.
The possibility of causing a delay during the EIN application process could potentially handicap your new business. This would be a less than ideal start for a new venture. Here are a few tips that may help expedite your EIN application process:
Falsifying Information: Providing incorrect information on the SS4 application will certainly delay the process. Though it seems this should go without saying, it happens. The IRS is looking for complete and accurate information for the Responsible Party listed on the SS4 application, such as your legal name, your SSN or ITIN, etc.
The IRS is not playing games, nor does it expect you to do so. If you provide a name other than your legal name or list a social security number or Individual Taxpayer Identification Number that doesn’t match, the IRS will stop the EIN application process until further clarification is provided.
Special Characters: If your company name includes any special characters, this will also be an issue. The IRS allows the letters A through Z; the numbers 0 through 9; the ampersand symbol (&); and the hyphen (-). That’s it.
If your company name includes anything else, such as a plus sign (+) or the at (@) symbol, the IRS requests that you either leave it off the application completely or spell it out instead, using “at” or “plus”, for example. This will help to speed up the application process.**
Harvard Business Services, Inc. can help you apply for an EIN when we form your new Delaware entity. If you have any questions about establishing your new Delaware corporation, Delaware LLC or Delaware Limited Partnership and obtaining the Federal EIN, please give us a call at 800-345-2677, Ext. 6133 or email me at firstname.lastname@example.org.
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.