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Thread: Question anout FEIN for Sole Proprietor

  1. #1

    Default Question anout FEIN for Sole Proprietor

    Hello,
    I was wondering if you guys could help me out with a few questions I have. I have a FEIN number from 2 years ago that I had to get in order to place a public bid on a seasonal business( i live near the shore.) I lost out on that bid so the number was never used. I honestly don't know what I was thinking even getting the number since I could have just used my social security #. Now, I am bidding on a similar seasonal lease from a township and was wondering a few things:

    1. Can I use the same FEIN number? I understand that the number stays with me forever but just want to make sure I don't have to activate it again or something.

    2. Am I now stuck HAVING to use this number or could I just use my S.S. number instead. It will be a sole proprietorship with no employees. This is probably my main concern since I understand it is kind of odd for a proprietorship with 0 employees to have an FEIN.

    3. Is there any downside to having an FEIN as far as taxes are concerned. Can I still just include everything on my personal income taxes just as I would if I used my SS #.

    Sorry if this started to sound rambling. Taxes and this kind of stuff has always made me nervous just thinking about it. I would really appreciate any help you can provide. Thanks.

  2. #2
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    You can definitely use the same FEIN number. If you acquired one as a sole proprietor, the number is really assigned to your personally. You don't need to do anything to activate it.

    You can use your SS number if you prefer, but there's no need. I'm a sole proprietor without employees and one of the reasons I have the number is so I don't have to give my SS number out for certain things.

    There's no downside of using your FEIN that I'm aware of. Again, you can use your SS number if you prefer, but you can also use your FEIN.

    No need to apologize. Taxes make people nervous and they can be very confusing sometimes. In this case you don't have to worry though. You can use either your FEIN or you SS. It's more a way to identify you in your situation than anything else.

    I hope that helps.
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  3. #3

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    Thank you for the detailed reply. It really did help. You're right about the advantage of not handing out your SS# more than is necessary. Since I have it anyway, I think I will just use the EIN. Thanks.

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