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I am just starting a small business, and I need to open a business bank account. I went into the bank today, and they asked me if I wanted to use my SSN or the EIN for the business. What's the difference? I'm assuming the EIN, but I want to know why. Anyone want to explain in simple terms? Thanks! |
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No difference whatsoever. As a sole proprietor, you'll need the EIN for either of these two things:
For any other purpose SSN is more than enough. A thing to keep in mind: you can only have one EIN per entity. So if you have an EIN for a different business that you're running as a sole proprietor, you'll have to continue using it for all your sole proprietorships. |
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