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What Exactly is an Entity Type?

August 23, 2018 by Maya

An entity is an organization formed as a separate existence by one or more persons to carry on a business or trade. There are several entity types to choose from. The most common include:

  • Sole Proprietorship
  • Corporations
  • Limited Liability Corporations
  • S Corporations
  • C Corporations
  • Partnerships
  • Trusts
  • Estate

Each business entity has benefits and drawbacks. Choosing the best one for your company is essential to maximize operational and financial success. When creating an entity for your business, an Employer Identification Number (EIN), may be required. The simplest way to apply for an EIN for your business or if you are a beneficiary of a Trust and need a Trust Tax ID number, visit the IRS-EIN-Tax-ID website.

What to Know

Business entities, such as those stated above, are subject to taxation and are required to file a tax return. However, not all of them require an EIN and allow the Social Security Number of the business owner to be used as their Tax ID number. If your business requires an EIN, you may apply for one through traditional mail, fax, telephone, or through the preferred method of online.

Fast, Simple and Secure

There are numerous websites available where you can apply for an EIN, such as the IRS-EIN-Tax-ID website. When you visit the IRS EIN secure website, there are only three easy steps to complete. First, you will choose what type of entity you are needing the Tax ID number for. Next, fill out the simplified application. Lastly, submit the application via the website. The application center is available 24 hours a day, 365 days of the year and never closes like the IRS website does. Your number is sent to you within an hour via your email address.

Leave the work to somebody else when applying for a Tax ID number and entrust the experienced and friendly Gov’t Assist agents at the IRS-EIN-Tax-ID website.

Filed Under: Lifestyle

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Welcome to our family blog! We are the Newmans and our site HeroRat is all about family, home and pets. Myself (Maya) writes most of the articles, but sometimes the kids and hubby help too. We have 3 adorable dogs and 3 adorable kids! We do a lot together as a family, so it's pretty busy in our house on a regular basis.

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About US

Welcome to our family blog! We are the Newmans and our site HeroRat is all about family, home and pets. Myself (Maya) writes most of the articles, but sometimes the kids and hubby help too. We have 3 adorable dogs and 3 adorable kids! We do a lot together as a family, so it's pretty busy in our house on a regular basis. Read More…

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Recent Post

  • GPS Fleet Tracking for SMEs: Important Things to Consider
  • Pets’ Well-Being And More
  • How to Celebrate the New Year in Style: Some Great Ideas for a New Year’s Celebration
  • 3 Tech Devices For Sleep
  • The Best Contact Lenses for Australia

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