An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and is used to identify a business entity.
After your TAX ID application has been submitted and processed (by mail, fax, or online) you will receive a notice of EIN assignment that can either be the CP575 or 147c. They are official letters from the IRS and can be used for all business matters.
How to read the CP575:
- Employer identification number.
- Name of the business (please note that the ending will correspond with the type of entity you chose to incorporate).
- Name of the responsible party. For corporations, the name of the responsible party can be omitted.
- Business address.
- Your EIN again.
- IRS name control: The name control is a unique four-character company identifier based on the company's name and EIN.
- Your EIN one more time.
- Same as line 2.
- Same as line 3.
- Same as line 4.
How to read the 147c:
- Your EIN.
- Name of the company.
- Name of the responsible party if the entity is an LLC. If this is a corporation, this line is usually omitted.
- Business address.
- Your EIN again.
- The date on which the 147c was issued.
- Your EIN one more time.
Something to keep in mind:
The only special characters IRS systems can accept in a business name are 1) alpha (A-Z), 2) numeric (0-9), 3) hyphen (-) and 4) ampersand (&). If the legal name of your business includes anything other than those listed above, the IRS will omit these special characters when issuing the letter.
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