An employer identification number (EIN) is the business equivalent of a Social Security number. A unique identifier is assigned to the business for use in communicating and complying with the Internal Revenue Service. Just like a Social Security number, it is a 9 digit number with the first two digits as the prefix.
Each state is different in how they define entity status for a business. Learn the four core models for entity stutus that are universal among the states.
A partnership is a form of a business entity that provides many more advantages than any other form of business entity. There are several basic principles of a partnership that once understood, the reader can use to his advantage in the small business world. Below are descriptions and an explanations of the basic principles of a partnership and the corresponding legal impact.
When an entrepreneur starts a new business operation, one of the first questions (s)he deals with is the form of business existence. There are a multitude of entities that the law allows. This article describes the four main types and the decision making model that an entrepreneur should follow in determining the best for the business.