Definitions for "tax identification number"
Keywords:  ein, ssn, proprietorship, irs, tin
The Social Security number of an individual or the Employer Identification Number of a business, fiduciary or other organization.
A unique identifier for business organizations that is used for reporting tax payments to the government (similar to the social security number for individuals).
Most LLCs are required to have a federal tax identification number (also known as an EIN). It is needed to hire employees, to open a bank account, to report taxes and for state tax purposes. If you are converting your partnership or sole proprietorship and already have a tax ID number for that business, the IRS still requires that you obtain a brand new tax ID number for your company.