Do I need an Employer Identification Number (EIN)?
Yes. The IRS and certain custodians (including Charles Schwab & Co., Inc.) require an Employer Identification Number (EIN) to establish any retirement plan. This is especially the case if you are a sole proprietor and currently use your Social Security Number for your business and personal taxes.
Because Single(k) is a qualified retirement plan, it has to be sponsored by a business entity. The EIN is for your company’s retirement plan, not the business itself.
Need an EIN and don’t have one? Read more here.
Applying for an EIN is easy, you can do it online, over the phone, by fax or by mail.