Do I get a DBA or EIN first?

When starting a business, it is crucial to follow the necessary steps to ensure legal compliance. One of the initial requirements is to obtain a Doing Business As (DBA) name with your town, if applicable. This step is vital to officially establish your business identity and differentiate it from your personal name.

After securing your DBA name, the next crucial step is to apply for an Employer Identification Number (EIN). An EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your business for tax purposes. It is essential for businesses that have employees, operate as a corporation or partnership, or need to open a bank account under their business name.

If your town requires you to register a DBA name, having an EIN becomes even more critical. Without an EIN, you may face difficulties in opening a bank account under your business name, as most financial institutions require this number for verification and compliance purposes.

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