An Employer Identification Number (EIN) is a unique number that is assigned to businesses. To make things easier to understand, think of it as the business equivalent of the SSN. It’s needed for your business to file tax returns, but it also helps separate your personal assets from those of your business. Filing for your EIN is usually the first thing you will do after forming your LLC.
Please keep in mind that you’ll have to fill out the form for the EIN in one sitting, as it can’t be returned to once it’s started and closed. Also, the form will be closed after 15 minutes of inactivity, so be sure to keep an eye on that too. We are happy to help you obtain your EIN regardless of whether we form your LLC or we just act as your registered agent. Obtaining a New Mexico LLC EIN is the same process in as obtaining an EIN for an LLC in any other state.
1. Keep this in mind: Be sure that the person applying online already has a Taxpayer Identification Number, like an SSN, ITIN or EIN; and make sure that the business you’re registering is located in the US or its territories.
2. Go to the IRS Website here.
3. Hover your pointer over the FILE tab on the menu, and go to the Popular section, where the “Employer Identification Number (EIN) option should be. Click on that.
4. Even though we’ve covered many of the points in this article, please read the recommendations the IRS mentions before trying to fill the form, to avoid any issues down the line.
5. Once that’s done, click on the “Apply Online Now” button below the three recommendations by the IRS. You will get a warning saying that the IRS can track and monitor your activity while you fill out the form, keep that in mind.
6. You will arrive to the first page, where you will get more warnings and recommendations about filling out, it all boils down to completing the form in one sitting.
7. After this screen, you will be asked to define the structure of the business that you’re applying the EIN for. Pick the option that fits your business.
8. You will get a confirmation screen detailing the structure of the business you chose. If you are sure of this, go ahead and click to continue.
9. After this, you’ll be asked to fill in some details about your company. Specifically, how many employees it has and which state it’s located in.
10. Again comes a confirmation screen, where the classification of your business is shown. If you are ok with the classification, go ahead and click Continue.
11. You’ll be asked to detail the reason for which you’re applying for an EIN. You should pick the option that fits your needs, but most people state they apply for banking purposes or to start a new business.
12. Now comes the part where you pick the responsible party for your business. You can either pick an existing business (with an already valid EIN) or an individual with a valid SSN. Note, the IRS keeps this information private.
13. If you pick an individual, you will be asked to fill in some information about yourself. Your first, middle, and last name will be required, as well as your SSN or ITIN. You will also have to indicate if you’re one of the owners or a third party that’s representing them.
14. Once that’s done, fill out the information about your business, including the legal name, trade name, county and state where it’s located. Make sure everything you’ve written out ha no typos and the information is correct.
15. You will then be asked for even more information through some yes and no questions, which you will have to answer honestly.
16. State then the category that best fits your business, such as finance or real estate.
17. After this, you will be asked for a little more detail, choosing from a more specific list within the category you picked.
18. Finally, you will be asked how you want to receive the confirmation letter for the EIN. You can choose to receive it online, or receive it by regular mail.
19. That’s it! After one last confirmation, you will have successfully applied for an EIN.
Congratulations! You’ve successfully filled out the form to apply online for an EIN. Your business is on its way to opening a bank account and hiring employees. If you elected to have the letter mailed, and you have our virtual office or mail forwarding, then we will upload the EIN when we receive it. Learn more about incorporating in New Mexico here.