Are you familiar with BIN? If not, then you are not a residence in Oregon. For those who are living in Oregon, you might hear about this. Operating a business around Oregon needs to get a BIN. BIN stands for Business Identification Number. The question is, who needs an oregon bin? This is what this content to tackle about and on how to obtain Business Identification Number. In fact, there are various conditions that require a business before getting a BIN. So, for those who operate or owns a business should know the importance of getting this. It serves as a requirement for the continuous operation of a business. Now, if you are hiring employees around Oregon, you need to get a BIN. if you having corporate members whom you paying around Oregon, obtain a BIN.
Who needs it?
A BIN is applied to everyone. Always keep in mind that this is not for the selected ones. Anyone who hires or pay in Oregon need to obtain it. Even you have incorporated a business around Oregon but the establishment is located somewhere else, still, get a BIN. Some other states have this rule of getting a State Tax ID for the registration. It is for sales taxes. But, Oregon has no State sales tax. Meaning, Oregon is no hassle at all, unlike any other states where they need a State Tax ID number for selling any taxable good and services.
BIN versus Tax ID number
Around Oregon, there are businesses that need a Business ID Number. But, this is not the same as the federal tax ID. In terms of tax IDs, there are several names for different kinds of tax ID. Thus, it is so confusing most especially for those who are a new business owner. To start with, there is this Tax ID which is the federal tax ID number. This is commonly known as the EIN or employer identification number. Also, it is also referred to as the FEIN or federal employer identification number. Now, if you are going to hire employees, this number is needed. Thus, business owners need to obtain this number as well. The same with the business that includes more members, EIN is required. BIN or Business Identification Number is known by its other name Oregon state tax ID. Aside from its the same purpose, it identifies a business uniquely. It registers a business for tax purposes and it is different from the Federal Tax ID Number.