Aside from the State Level Tax ID, a business that plans to open in Ohio also needs the Ohio EIN to identify the company with IRS for tax purposes. EIN or Employer ID Number is a unique 9-digit number that is essentially like the Social Security number that is very useful when opening a business. Application is easy because it is accessible online.
In Ohio, businesses range from the corner coffee shop to giant corporations like Procter & Gamble and Abercrombie & Fitch. These businesses are putting together their collective influence to ask for government regulations. They want sexual orientation and gender identity to be added to Ohio’s non-discrimination laws.
Businesses, non-profit organizations, universities and associations are behind Ohio Business Competes that value fairness, diversity and fostering inclusion. If Ohio lawmakers will ignore the pleas to join other states in removing discrimination against LGBTQ people in employment, housing and public accommodation opportunities, they are taking a $5 billion risk.
In fact, Columbus is one of the cities being considered as Amazon’s 2nd headquarters in North America. However, the giant retail corporation has a criterion that a city must have compatible cultural and community environment with presence and support of a diverse population. Aside from Amazon, there are other businesses including employees that consider a state’s social climate as the main reason in choosing where to locate.
According to Holly Gross, vice-president of government regulations for Columbus Chamber of Commerce, the absence of a state-wide anti-discrimination protection will put the region and state at a disadvantage. The passage of a bill will help Ohio in becoming competitive for mega economic development projects. Employers will find it difficult to hire and retain employees if Ohio does not have non-discrimination laws. It is very easy for businesses to be turned off by a state’s social climate.
It is the key responsibility of a business to obtain Ohio EIN to ensure that it will not suffer from delays during business licensing, and financing. As a business owner, you will need the EIN to when filing tax returns and creating company credit with suppliers, lenders, banks and leasing companies.