There are many ways to register a business name and acquire your EIN number and we recommend that you use a cost effective method. Our company has had great success with MYCorporation.com. They will file your corporation or other business entity, check the availability of corporate names and file your DBA (doing business as), obtain your EIN number (Federal Employer Identification Number) and register your business with your state.
Benefits of Incorporation:
- Protecting your personal assets
- Saving you money on your taxes
- Reducing your chances of an audit
- Establishing credibility with your customers
Why incorporate over a different entity type? Incorporation is often utilized by businesses that want to raise capital or offer stock options to employees. Incorporating the business also allows for unlimited shareholders (not applicable to S-Corps).
What is an S-Corporation?
An S-Corporation is a regular corporation that has elected “S-Corporation” tax status. Forming an S-Corporation lets you enjoy the limited liability of a corporate shareholder but pay income taxes as if you were a sole proprietor or a partner.
In an S-Corporation, all business profits “pass through” to the owners, who report them on their personal tax returns. The S-Corporation itself does not pay any income tax. Therefore, an S-Corporation elects not to be taxed as a corporation.
After the corporation has been formed, it may elect “S-Corporation Status” by submitting IRS form 2553 to the IRS (in some cases a state filing is required as well).
Why an LLC over a corporation?
The LLC Structure is generally simpler to maintain (i.e., there is generally no need to have annual meetings or update minutes). The LLC structure also has greater flexibility in economic and management structure.
Contact your accountant and/or attorney if you’re not sure which entity type would best suit you.
Obtaining Your EIN Number
You can easily obtain your own EIN number in minutes for free by following the steps below:
- Get your EIN Number
- Click on Begin Application;
- Choose your legal structure;
- Choose your legal substructure
- Click Continue
- Click Started New Business
- Choose Individual
- Enter the Pedigree Info for the Principal of Business
- Enter the Business Address
- Enter Business Relevant Info
- Confirm the Info and Select, Online EIN Letter
- Save the Letter in Adobe PDF
- You’re Done
If you’re looking for more info and details on how to get started be sure to visit
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