What is EIN?
An Employer Identification Number — a free federal tax ID for your business.
An EIN is like a Social Security Number for your business. You need one to open a business bank account, hire employees, and file business taxes.
It's completely free directly from the IRS (irs.gov) and takes about 10 minutes online. Ignore any site charging you for one — they're reselling a free government service.
Even single-member LLCs usually want an EIN so you're not putting your personal SSN on business forms.
Related terms
Definitions from the Business Dog Glossary — educational, occasionally satirical, never financial advice.