Small Business Best Practices from the IRS Correctly classify your business. Decide on the appropriate business entity (sole proprietorship, partnership, corporation, S corporation or LLC) to determine tax filing requirements and legal considerations. Get your employer identification number (EIN). An EIN, also known as a federal tax identification number, is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service, and you can get your EIN immediately. You must check with your state
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