A corporation is a legal entity established by a charter granting it certain legal powers, rights, privileges, and liabilities. A corporation can be established by a person or group of people with a charter from the state’s secretary of state. After a corporation is created, it becomes its own entity and generally has an indefinite lifespan. Includes S corporation, personal service corporations, real estate investment trusts (REIT), regulated investment conduits (RIC), and settlement funds.
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Should a Corporation Apply for a Federal Tax ID?
Before we get started, it is important to understand what an EIN is. An Employer Identification Number (EIN), otherwise known as a Federal Tax Identification Number or Tax ID Number, is used to identify a business entity, similar to the way you, as an individual, would be identified by your social security number. Generally businesses are required to have an EIN.
There are a multitude of reasons for wanting to obtain a Federal Tax Identification Number. While the reasons for wanting a Tax ID Number may vary, that doesn’t mean the process should be tedious or complicated. Gov Doc Filling takes the lengthy EIN application process out of the equation and replaces it with an easy to understand step-by-step process to obtaining a Federal Tax ID Number.