An EIN or Employer Identification Number is issued by the Internal Revenue Service (IRS) to business entities. It is also known as a Federal Tax ID Number or TIN (Tax Identification Number). An EIN is to a business what a Social Security Number (SSN) is to an individual. It basically identifies your business or company to the IRS.
Even though EIN stands for Employer Identification Number, it does not mean that you have to have employees.

EINs are used for:

  • Opening business checking, savings, or investment accounts.
  • Filing taxes.
  • Handling employee payroll (if applicable).
  • Obtaining business lines of credit or business loans.
  • Obtaining credit cards in the name of the LLC.
  • Applying for business licenses.


An ITIN is an Individual Taxpayer Identification Number. It is a nine-digit number that allows you to file an income tax return even if you do not have a Social Security Number. An ITIN is only for tax purposes, therefore, they cannot be used for identification purposes.

ITINs are used for:

  • -Filing a tax return.
  • -Correcting a tax return filed in the past with a false social security number.
  • -Filing a late tax return after the deadline for filing has passed.
  • -Reporting money that you earned while using a security number not given to you by the government.
  • -Opening a US bank account