01.
You have one or more employees working for the company
A sole proprietorship is a business entity wherein a single individual owns and operates a company. There’s no formal setup, simply performing business activities automatically grants you sole proprietor status. And because you and your businesses are one and the same, there’s no legal distinction in regard to taxes and liability.
As a sole proprietor business owner, you may be required to have an employer identification number should any of the following circumstances apply to your type business structure:
You have one or more employees working for the company
You have a solo 401(k) retirement plan or a tax-deferred Keogh pension plan
You have entered bankruptcy proceedings
You must apply for a new sole proprietorship EIN number if you purchase or inherit an existing business that you will operate as a sole proprietorship
You have incorporated, formed a partnership, or established an LLC, thus creating a new legal business entity
An employer identification number for a sole proprietorship business owner can provide several tangible benefits, including:
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