Apply for an EIN Is Easy to Do
Video Transcribed: What is the fourth step in creating an Oklahoma business? I am Ope Adegbuyi and I am an Oklahoma medical marijuana business lawyer.
We’re going to continue our discussion on how to create an Oklahoma business. In this video, we’ll be talking about step four, which is to get an EIN number. So, the EIN number is the employer identification number, also known as a federal tax information number that can be used to identify the business entity. Generally, businesses need an EIN. You can apply for your EIN online at the IRS website, on the IRS website, and after all validations are done, you get your EIN immediately upon completion of the documents. Then you can download, save or print your EIN notification or a confirmation notice.
All EIN applications must disclose the name and taxpayer identification number, which would be like your SSN, your ITIN of the principal officer, general partner, grantor, owner, or trustor of the business.
This individual or entity, which the IRS will call the Responsible Party controls, manages, or directs the applicant entity and the disposition of its funds and assets. So, basically, it’s just saying if you’re, you have to put one member of the LLC or one director or shareholder’s name as the responsible party. But unless the applicant is a government entity, the responsible party must be an individual. So, that means all the medical marijuana businesses would have to have an individual as the responsible party, so an individual is involved in the business.
The entity can list whichever party they want and they can … you must report any changes to this responsible party within 60 days on the IRS website. Once you have created your business, then you can apply. Once you’ve created a business, and you’ve created your EIN number, then you can apply for any medical marijuana licenses, permits, and so on.
For more information from a cannabis business law attorney in Tulsa, you can contact me at OklahomaMedicalMarijuana.Attorney.