If you have a sole proprietorship, you do not worry about having an EIN. You can skip that field when you activate your account in Stripe.
However, we highly recommend you obtain an EIN. It will not take longer than 10 business days. We will keep in touch with you for every step.
To use Stripe, a verifiable tax number must be entered (Employer Identification Number or Social Security Number). If you do not have an Employer Identification Number (EIN) and are an individual (LLC, Sole Proprietor, etc.), your Social Security Number can generally be used instead of the EIN. If you don’t know which number to enter, please consult us!
By uploading the EIN letter also known as Letter 147C, you can update your TIN (Tax ID) when you get your EIN. Entering your information on the Stripe is very important as it is stated in the EIN letter. EINs do not expire. Once an EIN has been issued to an entity, it will not be reissued.
EIN for Sole Proprietors
Obtaining an EIN is very essential for your business. Some companies do not need one, though. There is no need to get an EIN for those who own a sole proprietorship. However, having an EIN is needed to have a sole proprietorship hiring staff. We highly suggest that you apply for an EIN in both cases. Obtaining an EIN will certainly make your business more professional.
If you have any further questions, please feel free to contact us via e-mail, phone call, or online customer support.