Definition of Federal Tax Identification Number (FEIN):
This is a number assigned to a corporation, LLC or other business entity by the Internal Revenue Service for tax purposes (similar to a Social Security Number, but for entities). See IRS Form SS-4.
Today’s Question — Saturday, March 20
Must the board of directors meet and hold meetings?
The corporate protections afforded by operating your business through an LLC or corporation are typically recognized by a court if certain corporate formalities are honored, including recognizing basic corporate governance matters, such as holding regular board of directors meetings, not commingling corporate funds with those of individual stockholders or other businesses, and holding stockholder meetings.
