An EIN number is like an identification number for the business entity. Applying for EIN is one of the initial processes to start while setting up a business. EIN number is required by all types of business entities such as sole proprietorship, partnership, Limited Liability Company, S corporation and other Trusts, churches and not for profit organisations.
EIN number is issued by Federal level. Hence it is known as Federal EIN number. Apart from this, businesses must also apply for a state Tax ID like OK Tax ID. The state tax ID is necessary to pay the business taxes, state income tax and sales tax. The state Tax ID is also useful for obtaining the required permits and licenses from state authorities. A state Tax ID Is generally used for sales and use tax payments, withholding employee income tax, obtaining sales tax exemption permits, and computing excise tax for firearms, tobacco, alcohol and other items.
Business entities can get the OK Tax ID by submitting the application form for registration. The entrepreneurs can submit the Tax ID applications by themselves online, through the websites of IRS or engage the services of a consultant to complete the formalities on their behalf. There are some advantages of engaging the services of consultants for completing the formalities such as
- Ease of locating the application and filing it. The consultants also have an online application form for tax ID number and it is quite easy to find the form and fill it.
- The Tax ID application form on the website of IRS is split into multiple applications whereas the forms available with consultants are simple and take less time to fill.
- The forms on the websites of consultants are available 24/7 and can be filled at any time convenient for the business owners.
- The consultants provide many other services for establishing the business, like getting the necessary registrations, licenses and permits and arranging for bank loans to meet the capital requirements.
- Consultants offer value added services like online recovery of OK Tax ID, in case of accidental misplacement of the number by managers of business entities. The consultants send the Tax ID number in a single working day via email.