Why Does a Sole Proprietorship Needs EIN?

ein, taxes, sole proprietor

If you’ve decided to start a business as the sole proprietor, congratulations! Operating as a sole proprietorship is an easy and efficient way to get into the business. While most business entities require an employer identification number (EIN), most sole proprietors don’t need one. This is because sole proprietorship are not separate business entities from their owners. Your Social Security number is usually sufficient for tax ID purposes. However, there are certain instances in which getting an EIN online is required or useful for a sole proprietor.

EIN Requirements for Sole Proprietors

If you operate a sole proprietorship, you’ll need to submit an EIN application if you want to do any of the following activities:

● Hire employees
● Set up a Solo 401(k) or Keogh plan
● Open a business bank account
● Apply for a business credit card
● Purchase or inherit another business and operate it as a sole proprietorship
● File for bankruptcy

You can easily obtain an EIN for your sole proprietorship through IRS-EIN-Tax-ID.com.

Changing Business Entities

You’ll also need to get an EIN if you decide to change your business structure. As your business grows, you may find yourself constrained by the limitations of a sole proprietorship. If you want to form a limited liability company or corporation, you’ll need to get an EIN.

Protecting Your Privacy

You can always obtain a tax ID number even if you don’t technically need to. Identity theft is a serious problem. Thieves may steal your Social Security number and submit fraudulent tax returns to collect refunds. Having an EIN lets you refrain from using your personal Social Security number for business purposes. This gives you an extra layer of security when it comes to your identity.

How to Get a Tax ID Number for a Sole Proprietorship

Applying for and receiving an EIN is simple and fast. The easiest method for getting an EIN is contacting IRS EIN Tax ID Filing Service.

The Most Important Motorcycle Gear for Safety

motorcycle gear, safety

Learning to ride a motorcycle is a challenge. It feels like you have a breezy freedom on the road. Yet, you must be aware of the danger. So, think of your safety first, familiarize on how it works, balancing and wear of safety gears.

Even professional riders wear protective gears not only for comfort but for safety and protection. So, What are these motorcycle riding gears?

Helmet

A motorcycle helmet is the most important gear. It protects your head. The head and brain are susceptible to accidents. You may have big chances of survival against riders who wear no helmet. With protection, the head is protected from dire accidents when you travel at low speed.

The law in some states requires you to wear a helmet. Make sure you buy a helmet that passes safety standards like DOT. Check the sticker at the back of your helmet.

In choosing a helmet, first, know the size of your head, check the size of your helmet if it suits you. Check the interior and exterior of the helmet for quality. Most motorcycle helmet depends on the shape of your head.

Motorcycle Jackets

The motorcycle riding jacket is one of the important gear for safety and comfort. It protects you from the crash like injuries and abrasions. It ensures the safety of the rider. Choose a jacket that is comfortable to wear and protects you against a gust of the wind as you speed off, the heat and bugs.

There are various styles of motorcycle jackets like the one-piece suit and two-piece suit. Choose the quality of the materials made from textiles like nylon or polyester. There are also reflective jackets which are good for night riders.

Comfort, safety, and fashion are the essentials for all riders.

Motorcycle Gloves
Wear gloves for a good and safety grip even if you drop or fall. The hands will do it all. Despite the fact that there are no laws for wearing gloves unlike helmet, it gives your hands less cold and comfortable during winter.

Motorcycle Boots
Aside from helmet, jackets, and gloves, the feet is one of the most critical parts of your body. It is extremely important to wear boots to protect it from injury and fracture. Also, it protects your feet from bad weather.

On the other hand, BikeBandit.com is like a one-stop shop for all your riding gears and accessories.

"Safety First is Safety Always"

Do always keep this in mind:
  • Know the purpose of buying your gears 
  • Always check the quality and its durability
  • Try it if it makes you feel comfortable before buying it
  • Don't be afraid to splurge a bit of money because it is for your SAFETY.

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