Ein

What is the quickest/cheapest way to get an EIN number? I just would like a business entity that I could use for Ad networks (Taxation and other various purposes).

What is the difference between LLC, Corporations, and other business types etc,..? Is it possible to change business types on the fly with documents from legalzoom.com adn similar resources (Lawyers as well)?

 

Hey - the EIN number is easy:

http://www.irs.gov/businesses/small/article/0,,id=97860,00.html

Don't fall for any of the fee "services" that will do it for you. It is an easy process to get the EIN. As for the other thing.... I would probably check out a book at the library or spend a few hours at barnes and noble to figure out what type of business entity you want.

But for a one-man-band:
Sole Propreitorship - simple, easiest to set up, no liability protection.
LLC - great entity, but costs a little more $$ and time to set up vs. Sole Proprietorship. P&L flows right to your personal income taxes.
Corporation - too many filing & legal requirements to keep corporate veil of legal protection for your personal assets... plus there is taxation at the corporate and your personal income tax level.

these vary state-to-state.

 

Thanks for the link. I have bookmarked it. Do you know offhand if I need to declare a business type when applying for an EIN? I figured I could do some research now so by the time I get a reponse from the US gov. I would have the business type sorted out. Thanks again.

 

I don't remember. Typically, you register and get your EIN, register the name of your business with your county (they need to make sure you are the only one of the same name there), where you need to show them some sort of paperwork. Once they approve you, you should be able to take their approval letter and your EIN to a bank to open an account. You should check your secretary of state's office for the exact process.