I'm evany Caldwell with Rei investment society. And this particular section we are going to talk about applying for your Ei n number for your property management business. Why is it important to apply for this number and how to utilize the irs.gov website for applying for your EIN number for your new property management business. So the first thing is we are navigating to the irs.gov website. If you don't know where to go, this is where you want to start. The reason why I am giving this particular course on you as the individual to apply, because there are websites that are out there that will charge you for applying for a Ei n number, your employee identification number, but the thing about that is they charge you money for this.

There are companies that will charge you I'll give you an example. c ai n number. So we're searching, ei n. And here, x identification number. Don't let this fool you, because this is not the irs.gov website. So you can see that these companies will charge you for this. But order status, I mean you're paying for these services.

So my goal is to put you in a situation where you're not paying for these services. So these are the same exact company Ei n number.com e fallens. IRS, online, this is the same exact company. This will actually trick you into applying with these companies for Ei n number. Now this one right here you see it says obtain your IRS, ai n number or line right. I click here, and I'm actually doing this with you from scratch.

I haven't even been into this site, but I do know for a fact That this costs money that a lot of these places want to charge you to do this stuff, right? So all the information that you're putting in on these companies websites, guess what? You're wasting your time because you can put that same information on the irs.gov website for free. So let's just type in Ei n Ember, we're going to go ahead and search employers identification number, apply for Ei n number, do you need a new Ei n number? So we're applying for Ei n number because we're new business. We're new entity, we want to go ahead and get ourselves established and incorporated.

So right here, you can see this is where you go to apply for it. The number one thing that I want to caution you about is they do even though this is online, it says Monday through Friday from 7am to 10pm. Just know that it's actually Monday through Friday from 7am to 10. pm which means if you try to apply after 10:01pm is going to tell you that the services is down that the site is down if you try to apply before 7am is going to tell you the same thing and if you try to apply on a weekends, you cannot apply. Also, it's important for you to know that it is going to take about the session will expire within 15 minutes meaning you need to get the information in don't go try to make any coffee because it's not going to happen. So, here we go right here.

Look how simple this is already. We just basically started this right apply for any number. This is just a warning signs that hey, you know if this public computer, whatever. Now, this this says who must apply the restrictions, all of this information. So now let's begin a new application. sole proprietor partnership, Corporation Limited liability, a state or trust or other.

Now if you're going to go with a sole proprietor, sole proprietor It just basically includes individuals who are in business for themselves and households employees only. So if you are a property management company and it's literally just you that you can do a sole proprietor if it's the partnership with somebody else, otherwise the corporation or LLC, the one I generally use is LLC, a limited liability company is a structure that allowed by state statute and is forming by filing articles of incorporation. So I don't use the corporation here, but it will show you the different corporations and the different form of business entities. Also, I'll show you the different entities in another section. So you will know how you're going to file your Articles of Incorporation. But for this purpose, LLC, we're going to click here.

We're going to go to continue. This is how simple this is. LLC is not incorporated and do not file articles incorporation. What it is not so There is the LLC, Inc. And then there's the LLC s. Okay, so let's go ahead and continue. Okay, what is it? A limited liability company is a structure allowed by statute and LLC is formed by filing articles of incorporation with the state that Secretary LLC must be unique in its state.

There cannot be no other LLC with the same name. So my name is Ebony Caldwell. So if I want to go evany Caldwell, real estate, I can. Now there's another avenue called well, real estate company, I cannot it has to be slightly different. So I can do any call to a road to portfolio but it has to be different. It cannot be the same.

So let's go ahead and go continue. How many members of the LLC are there? So let's just say it's five. Okay. Select the state for the LLC. I'm in Illinois.

We're going to go continue Again, we just will continue through because this is the LLC, we're starting a new business, what type of business? Where are we starting a property management business, okay. Now one of the other reasons why this is important because you see where it says banking purposes, select this option if the reason for applying for a number is strictly for satisfying bank requirements, because when you are opening up a new bank account, you must actually have an EIN number, but in this particular case, we are going to go ahead and establish a new business because that's what you have to do anyway. Because when you start working with vendors, the vendor is going to ask you what is your Ei n number. When you start working with other real estate companies, maybe you're doing some type of Co Op situation whereas the other company is wants to work with you to help you rent out your apartments that you have available.

And you're going to pay them a co op fee. Sometimes even though you're paying them a quat fee. There brokerage may say, Hey, we need your W nine or your W nine needs to show your Ei n number. So if you work with so many different vendors on different things, let's say the utilities company acting as a property management company, a lot of times you'll get utilities turned on for your clients, right? At least in the common areas. Well, again, you need a Ei n number.

So now we're going to start a new business. We're going to go ahead and continue. So here we go. evany. And we're Ebony Caldwell. And remember social security number and it can i 10 is for foreign nationals for national someone who is a porn.

A person who's living here in the States or trying to do business in the States. They do have to apply for some form of social security number. So their social security numbers known as a it And that I 10, which is basically a tax identification number. This is for specifically for nationals. But for the purpose of this, let's go with a social security number. So I'm going to go 55555002255.

I am one of the owners or members of this. Now I'm going to show you what's going to happen here. If you notice right here, it says, I'm a third party applying for an EIN number. Well, that would have been these companies right here, these companies right here that you will turn around and pay to apply for the EIA number. These are the same exact companies, that's going to go to the same website that you're going to go to for free, and they're going to click this box. For this purposes, we're clicking the top box.

I am evany called I am the owner member of this managing member. You're going to click here. Now this is going to error out. reason why is because it's going to say, hey, this information don't match that the IRS records, everything called Well, you're saying that your social security number, I don't think so that's not your social security number and if it is your social security number, then we got a problem because either you haven't fallen taxes or something is not going on. But when you do continue to click in there, all it's going to do is take you to the next page. The next page is basically going to be you're going to put the address of the of the property of your business, you're going to put the name of your business and that set is going to ask you then, do you want to receive this via mail or would you like to download this now, never ever received in mail in this day and age when you download the PDF?

Reason you don't want to do that is because if you receive it by mail, and you don't get it, believe it It's a hassle getting it tax identification number or employer identification number letter, you need to actually keep this letter because once you get it, like I said, it's almost impossible to get. So when you download the PDF, save the file on your computer, you know for your property management, important personal documents, because again, when it's time to especially you being new, you trying to open up a bank account, you trying to go to the utilities companies to get the utilities on as some of the properties in your company's name. They are going to ask you do you have a tax identification letter? Now they want you to present it sometime. So of course, you're going to upload an email to them if it's the utilities company, if it's the bank, they're going to ask you to see it.

But now my take was going to get tricky about the bank. So just be alert and aware of this. Just because you give them a sheet of paper don't mean nothing to them. They want the paper just to say you presented it, but they're actually going to go and verify the Tax Identification Number, the employees identification number, they're going to go ahead and verify to make sure that it is accurate. And it belongs to EPA the Caldwell property management company XYZ, your property management company. So this is all I pretty much want to discuss with you and the importance of applying for Ei n number for your business for your property management company.

And overall, just being successful and making sure that every single thing you do matches up and you are legitimately in business. So thank you for watching. If you have any questions, don't hesitate to send me an email and make sure you follow me