Opening a business bank account
The paperwork for opening a bank account and applying for a business loan both require an EIN, and are valuable assets and options for your C-Corp
A C-Corporation (C-Corp) is a type of ownership structure where the business and its owners are considered completely separate entities for liability and tax purposes. This business structure allows the greatest amount of personal liability protection while also making it easier to raise funds. In exchange for double taxation, business owners can reinvest the profits into the company at a lower corporate tax rate. Currently, the vast majority of C-Corps are publicly traded companies.
All C-Corps are required to obtain an Employer Identification Number (EIN) federal tax purposes. This federal tax ID number allows you to legally operate and carry out fundamental business tasks, including:
The paperwork for opening a bank account and applying for a business loan both require an EIN, and are valuable assets and options for your C-Corp
Establishing a good credit score for your corporation will improve your chances of securing a loan and other financial advancements
Specifically, an EIN allows you to set up payroll and employee benefits
This is a necessary part of legally owning and operating any business
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