An important step to take when opening a business is to open a dedicated business bank account. This helps you to separate your business and personal banking transactions to avoid trouble with the IRS. Not all businesses need to have an EIN, or employer identification number, through the IRS. For example, sole proprietors and LLCs taxed as sole proprietors can choose to use their social security number as long as they do not have employees and also do not meet other criteria. However, the same might not be true for banking and lines of credit. Opening a Business Bank Account […]