Starting a new business is not as difficult as you may think. If you are qualified in branding a certain product, or service, becoming an entrepreneur can be achieved. To implement a new business in the state of Ohio requires a plan of action. The first thing that should be done is to register the business with the Ohio Secretary of State. Then, you want to contact the Internal Revenue Service to obtain an Employer Identification Number. This number is as important as your social security number, and will be used in all financial matters concerning the business, as well as tax information.
Obtaining an Employer Identification Number is an easy process that takes a short time to do. In most cases, applications for an EIN Ohio number with the Internal Revenue Service can be done online in most states, Ohio included. This number is necessary for hiring employees, opening a business bank account, create a trust estate, launch a limited liability company, a corporation, and to be in compliance with the IRS. All that is needed is to visit the IRS website, click on EIN application, then choose the appropriate business type from the available options. There will be several categories, so know exactly what type of business you are planning whether a sole Proprietor, Limited Liability Company, or a Corporation.
The application for an Employer Identification Number does not change from state to state because it is a part of the Federal Government. If access to an online application is not possible, check with the Ohio department of Taxation, or the Internal Revenue Service for a hard copy of the application to be sent to you. Receiving the Employer Identification Number is quick one the required information is completed on the application. The recipient will receive the EIN in the mail.