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Benefits of Filing your Annual LLC Report
with Bizee

Trademarking your name and logo offers a number of advantages for your brand and business.

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Tax Compliance

We provide comprehensive support for all your business needs, from formation to taxes.

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Opening Bank Accounts

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Claiming Tax Benefits

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Table of Content

What Happens If You Don't File an Annual Report (All Business Entities Covered)​

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Tax numbers are confusing for many. How do you tell the difference between a Social Security Number, Employer Identification Number, and Tax Identification Number? Can you use them interchangeably? You might wonder, “Do I need an SSN, EIN, or ITIN?” Read on to understand the difference between EIN, SSN, and ITIN and when you’ll need each.

Understanding Tax Identification Number (TIN)

A Tax Identification Number (TIN) is a unique number identifying an individual, business entity, or non-profit organization. Each person or company must have its own TIN. Taxpayer identification numbers are available from any country, but the application process and format vary.

In the US, anyone filing annual tax returns with the IRS must have a TIN. These include SSN, EIN, ITIN, ATIN, and PTIN. The IRS uses these nine-digit numbers to track taxpayers.

The two most common US tax identification numbers are Social Security Numbers (SSN) and Employer Identification Numbers (EIN). In addition, the US issues an Individual Taxpayer Identification Number (ITIN) to nonresidents or resident aliens, their spouses, and children if they meet certain criteria. You may also be eligible for a TIN for pending US adoptions, called an ATIN. There’s also a preparer Taxpayer Identification Number called PTIN.

What Is a Social Security Number (SSN)?

A Social Security Number, commonly abbreviated as SSN, is issued to individuals. US citizens, permanent residents, and some temporary residents can apply for a Social Security Number. SSNs are the only US TIN that the IRS doesn’t issue. Instead, SSNs are issued by the Social Security Administration. A Social Security Number is formatted in nine digits with a structure that looks like XXX-XX-XXXX.

Do I Need an SSN?

You’ll need an SSN for legal US employment or to take advantage of other government services. All US citizens, permanent residents, and temporary nonimmigrant workers need a Social Security Number.

Children need a Social Security Number or an ITIN for parents to claim them as a dependent and gain some tax benefits. That means most parents will apply for an SSN for their child. It’s free to apply for an SSN. However, you could also pay for a service to complete the application process for you.

According to the Social Security Administration, people who can apply for an SSN include:

  • Noncitizens
  • International students
  • Foreign workers
  • Citizen children
  • Deferred action for childhood arrivals applicants

Understanding Tax Identification Number (TIN)

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A Tax Identification Number (TIN) is a unique number identifying an individual, business entity, or non-profit organization. Each person or company must have its own TIN. Taxpayer identification numbers are available from any country, but the application process and format vary.

In the US, anyone filing annual tax returns with the IRS must have a TIN. These include SSN, EIN, ITIN, ATIN, and PTIN. The IRS uses these nine-digit numbers to track taxpayers.

The two most common US tax identification numbers are Social Security Numbers (SSN) and Employer Identification Numbers (EIN). In addition, the US issues an Individual Taxpayer Identification Number (ITIN) to nonresidents or resident aliens, their spouses, and children if they meet certain criteria. You may also be eligible for a TIN for pending US adoptions, called an ATIN. There’s also a preparer Taxpayer Identification Number called PTIN.

Unsupervised Machine Learning (ML) enhances cloud security

Unlike supervised ML, which relies on labeled datasets, unsupervised ML identifies patterns and deviations in data without predefined rules, making it particularly effective in dynamic and unpredictable environments like the cloud. By analyzing the baseline behavior in cloud environments, such as typical user activity, network traffic, and resource utilization, unsupervised ML and supporting models can identify behavioral deviations linked to suspicious activity like unusual login times, irregular API calls, or unexpected data transfers, therefore flagging them as potential threats.

Learn more about how multi-layered ML improves real-time cloud detection and response in the data sheet “AI enhances cloud security.”

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Seamless Experience from Start to Finish

— Fatima R., UAE

“I’m based in Dubai and was a bit nervous about starting a U.S. business remotely. Bizstartz made it incredibly easy. They took care of everything — LLC formation, EIN, and even helped me open a U.S. bank account. Super professional and responsive!”

 

“Highly Recommend for International Entrepreneurs”

— Rahul M., India

“Bizstartz helped me register my LLC in Delaware while I was still in India. The team also guided me through getting my ITIN and setting up bookkeeping. I had zero U.S. knowledge, but they made it simple.”

 

“Reliable and Transparent”

— Anna L., Germany

“I needed a registered agent and BOI filing for my U.S. company. Bizstartz delivered everything on time and kept me updated throughout. It’s rare to find a company that communicates this well.”

 

 “Everything in One Place”

— Lucas D., Brazil

“As a freelancer from Brazil, I wanted to work with U.S. clients more easily. Bizstartz handled all the paperwork and even helped with ongoing compliance and bookkeeping. Their all-in-one service saved me so much time.”

“Excellent Support and Fast Processing”

— Chinwe O., Nigeria

Forming a U.S. LLC from Nigeria sounded complicated, but Bizstartz made it hassle-free. They answered every question and handled the entire process faster than I expected. Very trustworthy!”

 

Everything You Need To Know

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Companies formed before January 1, 2024, must file their BOI report by January 1, 2025. Those created in 2024 have 90 days from the notice of formation or public registration. Companies formed on or after January 1, 2025, must file within 30 days of receiving notice of formation.

FinCEN began accepting beneficial ownership information reports on January 1, 2024. Reports cannot be submitted before that date.

No, a sole proprietorship is not considered a reporting company unless it was formed by filing a document with a secretary of state or similar office. Simply obtaining an EIN, registering a business name, or getting a license does not make it a reporting company.

A beneficial owner is anyone who directly or indirectly owns or controls at least 25% of the company’s ownership interests or has significant control over the company.

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