{"id":1939,"date":"2021-03-11T22:24:17","date_gmt":"2021-03-12T03:24:17","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1939"},"modified":"2024-07-04T13:18:47","modified_gmt":"2024-07-04T18:18:47","slug":"do-i-need-an-ein-to-open-a-business-bank-account","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/do-i-need-an-ein-to-open-a-business-bank-account","title":{"rendered":"Do I Need an EIN to Open a Business Bank Account?"},"content":{"rendered":"\n<p>Starting a small business can be one of the most fulfilling ways to provide for yourself. But whether you\u2019re taking the leap by moving from a&nbsp;side hustle into a full-time gig,&nbsp;<a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/how-to-start-a-food-truck\">starting a food truck<\/a>, or building your own construction business, there are some things you\u2019ll need to take care of before you begin.<\/p>\n\n\n\n<p>One of the things you\u2019ll need to know about is Employer Identification Numbers (EIN).&nbsp; This article will answer the questions: what is an EIN, do you need an EIN to open a business bank account, and how can I get an EIN?<em>&nbsp;<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_EIN\"><\/span><strong>What is an EIN?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>EIN stands for Employer Identification Number. It\u2019s also known as a Federal Tax Identification Number. Created in 1972, the EIN is used by the IRS to identify taxpayers that are required to file various business tax returns.<\/p>\n\n\n\n<p>It is comparable to the Social Security number assigned to individuals. Once an EIN has been issued to an entity, it will not be reissued. EINs do not expire. It lasts for the life of the business and beyond.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_You_Need_an_EIN_to_Open_a_Business_Bank_Account\"><\/span><strong>Do You Need an EIN to Open a Business Bank Account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under most&nbsp;<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/do-you-need-an-ein\">circumstances<\/a>&nbsp;you\u2019ll need an EIN to <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-joint-bank-account-with-business-partner\">open a joint bank account with a business partner<\/a> if you\u2019re running a small business. A business needs an EIN to file business tax returns and to pay employees. Also, if you want to be considered a&nbsp;Partnership,&nbsp;<a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/llc-vs-corporation\">LLC, Corporation<\/a>, <a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/what-is-an-s-corp\">S Corporation<\/a>, or a Non-profit, then your business is going to have to obtain an EIN. Without the number, the IRS sees you as a private individual taxpayer.<\/p>\n\n\n\n<p>If you\u2019re a single-person enterprise \u2014 a sole proprietor without employees or a single-member LLC&nbsp; \u2014 then it is technically possible to&nbsp;<a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\">open a business bank account<\/a>&nbsp;without an EIN, but it depends on the policies of the business bank.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" target=\"_blank\" title=\"Apply for a North One Account in less than 3 minutes.\" rel=\"nofollow noopener\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_an_EIN_is_Needed_to_Open_a_Business_Bank_Account\"><\/span><strong>Why an EIN is Needed to Open a Business Bank Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An EIN helps show that your business is legitimate. When dealing with large sums of money banks need to make sure people are who they say they are, are running legal businesses, and that the people trying to open up a bank account are authorized to do so.<\/p>\n\n\n\n<p>An EIN is one of the many ways banks are able to make everyone is in compliance with the rules and regulations. It confirms the details of your identity and your business. The IRS also uses your EIN to allow you to file an electronic tax return, make an electronic payment, and pass an IRS Taxpayer Identification Number (TIN) matching program.<\/p>\n\n\n\n<p>There are also other things you\u2019ll need to open up a business bank account. We break down everything you\u2019ll need to open a small business bank account in&nbsp;<a href=\"https:\/\/www.northone.com\/blog\/business-banking\/do-i-need-a-business-bank-account\">this article<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_get_an_EIN\"><\/span><strong>How to get an EIN<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Getting an Employer Identification Number might seem like an intimidating process, but in reality you can get things done in a quick and efficient manner. Applying for an EIN is a free service offered by the IRS. You should be able to get everything done in under an hour through clicking on this&nbsp;<a href=\"https:\/\/sa.www4.irs.gov\/modiein\/individual\/index.jsp\">website<\/a>&nbsp;and filling out all of the proper forms.<\/p>\n\n\n\n<p>As we stated above, there are some instances where your business does not need an Employee Identification Number and some banks that won\u2019t need one to get started if you\u2019re a sole proprietor without employees or a single-member LLC, but getting an EIN is actually faster than the time it may take you to figure out how to (and if you can) operate without one.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_Uses_of_an_EIN_for_Your_Business\"><\/span><strong>Other Uses of an EIN for Your Business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are a number of different possibilities that having an Employee Identification Number opens up, besides helping you to <a href=\"https:\/\/join.northone.com\/\">open a business bank account<\/a>&nbsp;and keep your personal and business banking separate.&nbsp;Below we\u2019ve listed some of the top things you can do with your EIN.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Legitimize_your_business\"><\/span><strong>Legitimize your business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An EIN allows your company to legally hire contractors and employees, a signal that your company is growing bigger and more successful, and that you\u2019re serious about that growth. An EIN on your forms also signals that you are in fact a&nbsp;<em>business<\/em>&nbsp;when dealing with vendors.&nbsp;<strong>&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Help_to_secure_your_identity\"><\/span><strong>Help to secure your identity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An EIN \u2014 like a social security number \u2014 is only assigned to one business. This helps identify your company and what you do to any number of institutions including business banks, the IRS, and other government bodies. When you\u2019re using your EIN in order to be paid or open accounts, it means that you\u2019re not sharing your social security number. Which means that your SSN is less likely to end up in the hands of someone who has bad intentions for it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Get_a_credit_card_for_your_business\"><\/span><strong>Get a credit card for your business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An EIN will allow you to apply for a business credit card for your company. A business credit card is another necessary and important step to separating your personal finances and your business finances. That in turn allows you to build up a line of business credit, which is extremely important for any company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Apply_for_a_business_loan\"><\/span><strong>Apply for a business loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Loans are a necessary part of many businesses who are starting up their operations or looking to take things to the next level. An EIN isn\u2019t technically required for most business loans, but it does help you prove your legitimacy to any potential lender, and take more steps in the right direction.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re looking to open up your own business banking account, North One is the right place for you. Click the link&nbsp;<a href=\"https:\/\/join.northone.com\/\">here<\/a>&nbsp;and you can apply. Oh, and make sure to have your EIN handy if you\u2019re a company that needs one.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><em>Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank (&#8220;Bank&#8221;).&nbsp; Bank is not responsible for the accuracy of any content provided by the author(s) or contributor(s).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a small business can be one of the most fulfilling ways to provide for yourself. But whether you\u2019re taking the leap by moving from a&nbsp;side hustle into a full-time&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[153],"tags":[],"class_list":["post-1939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Do I Need an EIN to Open a Business Bank Account? | NorthOne<\/title>\n<meta name=\"description\" content=\"Under most circumstances you\u2019ll need an EIN if you\u2019re running a small business to open a business bank account. We show you why and how.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/business-banking\/do-i-need-an-ein-to-open-a-business-bank-account\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do I Need an EIN to Open a Business Bank Account? | NorthOne\" \/>\n<meta property=\"og:description\" content=\"Under most circumstances you\u2019ll need an EIN if you\u2019re running a small business to open a business bank account. We show you why and how.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/business-banking\/do-i-need-an-ein-to-open-a-business-bank-account\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-12T03:24:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-04T18:18:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/03\/1200044380597733.VUtLZHQYZueuTscb2Gc4_height640.png\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Eytan Bensoussan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eytan Bensoussan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account\"},\"author\":{\"name\":\"Eytan Bensoussan\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/1f56df6a45f6591303799c10338998f3\"},\"headline\":\"Do I Need an EIN to Open a Business Bank Account?\",\"datePublished\":\"2021-03-12T03:24:17+00:00\",\"dateModified\":\"2024-07-04T18:18:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account\"},\"wordCount\":1051,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/1200044380597733.VUtLZHQYZueuTscb2Gc4_height640.png\",\"articleSection\":[\"Business Banking\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account\",\"name\":\"Do I Need an EIN to Open a Business Bank Account? | NorthOne\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/do-i-need-an-ein-to-open-a-business-bank-account#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/1200044380597733.VUtLZHQYZueuTscb2Gc4_height640.png\",\"datePublished\":\"2021-03-12T03:24:17+00:00\",\"dateModified\":\"2024-07-04T18:18:47+00:00\",\"description\":\"Under most circumstances you\u2019ll need an EIN if you\u2019re running a small business to open a business bank account. 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