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Physician paid to consult/lecture last few years. Now about to see patients in an office she is renting, no employees. Is she a sole proprietor? Need EIN? Thanks!
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May 31, 2019
9:31 PM
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Business & farm
Yes, unless she elects to have a corporation. You don't need to have an EIN, unless you meet certain criteria.
If you’re a sole proprietor, you must have an EIN to:
- hire employees
- have a Keogh or Solo 401(k) retirement plan,
- buy or inherit an existing business that you operate as a sole proprietorship
- incorporate or form a partnership or limited liability company, or
- file for bankruptcy.
Also, some banks require you to have an EIN before they’ll set up a bank account for your business.
May 31, 2019
9:31 PM