Why Do I need an EIN?
This number is required, especially when opening a U.S. bank account, hiring employees, and initiating PayPal or Stripe accounts.
EIN is an abbreviation stands for Employer Identification Number. It is also known as the Federal Employer Identification Number (FEIN). EIN is a unique, nine-digit number that is issued by the Internal Revenue Service (IRS) in order to assign to the businesses operating in the United States for the purpose of identification and taxes.
EIN, which is also known as the Federal Tax ID Number, stands for Employer Identification Number. The Internal Revenue Service issues EIN Numbers. EIN Number is used for tax purposes.
If you are planning to start a business in the US, and generate sales and receive payments, the terms EIN and ITIN will come up frequently. Therefore, it is useful to learn what they mean.