In the United States, the government requires businesses to have a Federal Employer Identification Number (FEIN). This 9-digit number, often called a "tax ID number," classifies a company for tax reporting and other business purposes. A FEIN number is also used in a company's dealings with its insurance carrier.
The Office of Insurance Regulation requires a business to report its FEIN number to its insurance carrier.
An insurance company needs a company's FEIN number so it can issue the business a 1099 for insurance payments that have been made.
When a business buys workers' compensation insurance, it must present its FEIN number to the workers' compensation board in its state. The number is used to help obtain and monitor coverage.
FEIN numbers are used to form a trust, hire employees and create a pension plan.
With a sole proprietorship, the owner's Social Security number can be used for tax reporting and other business purposes.
- Photo Credit Image by Flickr.com, courtesy of Kevin Dooley
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