August 13, 2015 11:05 PM EDT
For most of the business, there are five ways to get started - sole proprietor, Partnership, LLC, S Corporation and C Corporation. It's not required for the sole proprietor to get EIN/FEIN (Federal Employer Identification Number), you can just use your SSN to report the business income or loss on Sch C of 1040. You have to get an EIN, if you are conducting business as partnership, LLC, S Corporation or C Corporation.
The posts below can provide you info -
1. Which legal form of business to choose, sole proprietor, Partnership, LLC, S Corporation and C Corporation? http://bzelf.com/legal-form-of-business/
2. How to apply for EIN? IRS gives three options: online application (the quickest way), phone, or paper file Form SS-4. You can get more info and step-by-step instructions here: http://bzelf.com/apply-for-an-ein/
3. For partnership, LLC, S Corporation and C Corporation - once it's formed, you have to file the tax year for that year (due in the following year).
4. If you don't want to set up any entity, and would like to go with the simplest form sole proprietor. Here is the sole proprietor income taxation basic info and example illustration: http://bzelf.com/income-taxation-of-sole-proprietorship/
Let me know if you have any follow-up questions, and we can write more posts.