If a small business has employees, the business must have a(n)________.

Question

Quizplus · Accepted Answer

All businesses that have employees must obtain an Employer Identification Number (EIN) from the IRS. The EIN is used to identify the business for tax purposes, and to report employment taxes. The other options listed (NAICS Code, U.S. Industry Code, Business Rating Code) are not required for businesses with employees. However, obtaining a NAICS Code and U.S. Industry Code may be helpful for identifying the industry and market of the business. A Business Rating Code may also be helpful for understanding the creditworthiness of the business.

If a Small Business Has Employees, the Business Must Have