A business tax id business tax id is the next item you will need before you can open a business bank account. You do not want to use your social security number. If your business is a corporation (corp), Limited Liability Company (LLC), or a partnership, also if you have any employee's an Employer Identification Number (EIN) is a federal requirement. At the same time you may want to speak to an LLC startup attorney. This id number will also be used on all your 1099 tax forms. You can apply for one at this web link EIN.gov.
For your further reference here are a few definitions to help in filling out the federal business registration form ss-4 before sending it to the (IRS) Internal Revenue Service.
EIN: Employer Identification Number (EIN) is also known as a Federal Employer Identification Number, and is used to identify a business entity.
TIN: A Taxpayer Identification Number (TIN) is also known a business tax id number and is used by the Internal Revenue Service (IRS) in the administration of tax laws.
LLC: A Limited Liability Company (LLC) is a business structure allowed by state statute.
DBA: The phrase “doing business as" is a legal term used in the United States, meaning that the trade name, or fictitious business name.
Sole Proprietor: A sole proprietorship is an unincorporated business owned by only one person.
Corp: A Corporation is the most common form of business organization, and one which is chartered by a state and given many legal rights as an entity.
S-Corp: An S Corporation or S Corp is a special type of corporation created through an IRS tax election.
Personal-Ser-Corp: A qualified personal service corporation pays a flat 35% of it's income.
CHUCK: Specifically for nonprofit church-controlled organizations or chuck type state organizations.
it is now time to, GET A BANK ACCOUNT
Choose a local bank to open a business account with your new EIN number. It is just common business sense to ask for overdraft protection and a credit or debit business card. A bank account is needed before you get a certified accountant.
Next step is to FIND A CERTIFIED ACCOUNTANT
You can choose a certified accountant from your local yellow pages or ask other small bussiness owners for a referral of a good one. Be real sure to ask them about Form 1040-ES, for Individuals and how and when to make prepayments plus where to send them. A good CPA as a business advisor could help you with many small business deductions. We also have a great webpage on some Minimum Qualifications for help choosing a good CPA.