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Home | Business Formations | Incorporation
Incorporation Glossary

Tax Identification Number

Every corporation is required to have a federal tax identification number (also known as an EIN). This number is needed to open a bank account, obtain corporate credit, hire employees, report taxes and conduct other important business. If you are converting your partnership or sole proprietorship and already have a tax ID number for that business, the IRS still requires you to obtain a new tax ID number.