Hi, I'm Ebony Caldwell with Rei investor society. And we are at step number one, how to start a property management company? Well, the first thing is you need to get an EIN number. So in order for you to apply for an Ei n number to make your business legal with the IRS, you need to file an Ei n application. So don't get me wrong, there are going to be websites that's going to tell you that they can apply for the Ei n number for you. I highly do not recommend it.

And the reason being I don't recommend it is because you are going to have to pay those websites. So when you visit the irs.gov website and apply for an Ei n number, that will be optional and there you will notice that it's going to be free. So I love things that are free sometimes. And this is why Have them so don't pay no one to apply for an EIN number you can do it yourself. Now most businesses need an EIN number which is known as an employee identification number or you're going to hear some people say a Tanna Tax Identification Number. Anyway both of these numbers is one in the same and they are you know you using for doing businesses to get this number.

You must submit the form SS dash for either online or either by fax or over the phone. Now, me I prefer to do things online. Reason being because if you do it online, you're going to get an immediate notification as to what your Ei n number is. And you will receive your Ei n letter immediately online or you have the option to receive it via fax or in mail. But again, you want to receive it online, download the PDF because you can get it right away. You would need to know the name of If you need an address, now you can always change your address later.

But if you need to use your home address for the purpose of applying for the EIA number, go ahead and the legal type, that's the entity. So you can file the Ei n first before you set up a legal type, as long as you don't wait too long to do this. Now what the legal type is an entity. As you can see, you notice we have sole proprietor on here, partnership corporations, limited liability companies, estates and trusts. Generally, I like to do when I'm doing my businesses, I generally found them as a Corporation Limited Liability Company. But when you go to the IRS website, it will tell you the difference between each company and why you should file and how you should file it.

So when you get ready to file your Ei n number, you will probably need you know you need this number immediately. So you You can actually start your business. You can also use this as far as you know your business registration with your state, but you need an EIN number if nothing else to open up a business bank account. So one of the things that individuals say is okay, but I haven't found my articles of incorporation. I haven't, you know, filed an LLC a corporation, you don't need that right away. And here's why.

Because when you actually apply for your Articles of Incorporation his or your LLC or your quote, or your Corp or your partnership or your sole proprietor, the one thing that is going to ask you as your balance is what is your Ei n number, so you should have that first. And even though I know you may not have a name of your company for the Ei n number, you can always hear me say throughout this entire lecture, make sure it's a name that represents the type of property manager In the company you have, so don't get, you know, find your Ei n number under evany real estate? Well yes evany real estate, you know can exist and does exist. However, you want to valid as something like Ebony property management, you can always do a DBA, which is doing business as so you can always change it.

And that is the same name, that every property management, that same exact thing is what you're going to use when you fall in your legal entity. Now, your employee identification number, like I said, which is commonly known as Ei n number. This serves as an identifier for business tax purposes. Think of it as a social security number for your business entity. Most businesses need an EIN number, why your business might need an EIN number here and just get straight to the point. There's so many different localities why you would but honestly for property management There's no What if you need one, one, you're going to have some type of employees.

Number two, your business is taxed as a corporation a partnership or limited liability, and which are already said that your company should be registered either as a corporation or a limited liability. With you starting out of this new you don't want to do it as a sole proprietor and you will learn it in the second lecture. As far as step two as to getting Incorporated. Your business is involved with trust estate, real estate mortgage investments, not for profit organizations, or corpse. So again, real estate already you already know that flat out based on the IRS website, you have to have an EIN number. So stay tuned and I will walk you through the irs.gov website on how to easily easily and efficiently Live for your Ei n number for your actual property management company.

And one more thing to bring up when you apply for your IA number. Please note that it will ask you for your social security number. So your social security number is attached to your Ei n number. No it is when you're applying for business credit depending upon the type of credit you're applying for. You do not have to disclose your social security number, but your Ei n number does identify the individual debt this business belongs to