How to get an EIN number with a CPN in 2023
As you may have learned already, there are many benefits in having a CPN. You are able to build a whole new credit profile, and protect your SSN. With this new credit profile you’ve been able to apply for and receive credit cards, vehicle loans, and maybe even consolidated some debt.
But what if I told you, you can take this to the next level? What if I told you, you could purchase property with your CPN? I know, we told you you cannot do this. And that is true. Not with the CPN itself. But like anything, there is a way.
If you’ve been taking care of your CPN and building it properly. And by taking care of it I mean, paying your bills on time, not over spending, keeping your DTI (Debt to Income) ratios in check, you’re living within your means.
And you’ve also have either added Primary Trade-lines, or you’ve made your own. Either way, your file is now strong. With a strong CPN File, you can use it as a PG (Personal Guarantor).
As a PG you can back a new business, old business, OR back a mortgage loan. But first, you must register your name and new CPN with the IRS.
STEP 1: Go to the IRS website: https://sa2.www4.irs.gov/modiein/individual/index.jsp and click “Begin Application.”
Make sure you have all of your information present with you. You have a limited amount of time to complete this.
SELECT YOUR BUSINESS TYPE: Corporate Users select your business type and proceed by clicking continue Personal Use CPN’s selecting Sole Proprietor or Partnerships are preferred. Be aware that one one (1) sole EIN can be issued; so if you previously had a sole proprietorship EIN please proceed the Partnership Classifications.
Again, click Continue You will select Partnership or Joint Venture.
Choose what applies to you then click Continue.
***I’m not going to go through each screen as it will be very simple to understand.*** On or around Page 5, you will be asked: Why is the Partnership requesting an EIN? In most cases, “Started a new business” is the typical answer.
Starting a Partnership with Yourself or Others where you are changing or creating a new business name will constitute reason for generating a new EIN for your CPN.
Click to proceed. Next you’ll be asked “Who is the Responsible Party?
If you’re attaching this EIN to an Existing Business you will need to know the Business Name and EIN in the following screen; and your CPN will be attached to your existing business.
Typically CPN’s will be attached to an individual; so in the next screen you will need to enter your SSN to proceed. Do not fret! You will not merge your SSN profile with your CPN profile. The IRS does not share this information with the Credit Bureaus or Creditors. Click to continue. Follow the instructions by adding either your business name and EIN if you have one already. If not, add your name and SSN.
Click to continue. Enter your business address or other address. Click to continue. OK, pay close attention!!! In the section: Tell us about the Partnership you will: Legal name of Partnership: Enter the name you used for your CPN (fictitious or otherwise) Trade name Doing business as:
Enter your CPN Number here. The rest is self explanatory. ***Do not over think it. It’s very simple.**** Click to continue.
The following questions are usually NO.
Click to continue. Enter what you do or plan to do. (Just choose one.) Click to continue. Choose whether you’d like to receive your information by Email or Mail. Most people choose to receive your information by mail.
Click to continue.
Save, print, print screen the information that will be given.
You have Incorporated your NAME and CPN.
Your EIN allows you the ability to pay taxes on any interest or earning that you’ve made under your CPN. Keep things legal and legit.
STEP 2: Now that you have properly registered your CPN with the IRS you’ve opened up a new door. This is NOT an exhaustive way to use your CPN and EIN number. YOU are responsible to learn all you need to know to stay within the limits of the law.
This is only to “jump start” you and get you going in the right direction.
If you plan on purchasing property with you CPN this is how: You would fill out the Application like normal; as a business.
Only in the SSN section you would use your EIN. The name or name of the business would be “John Smith Inc.” You may be wondering, where does the CPN play. Very simple. When asked to fill in the section on who is backing the loan (Your PG), you fill in your CPN information. Too easy.
Don’t over complicate this. It’s very simple. Stay within the limits of the law and you’ll be fine. And please, pay your bills. If you have any further questions, please do not hesitate to ask. This program is not intended to be used as a method of defrauding banks, creditors, or any other organization that requires your social security number as identification.
This program is not a method to avoid paying your existing or future debts. If you created the debt, you are responsible to repay that debt. However, we will not support, facilitate, nor condone any fraudulent activity. The information here is informational purposes only and for you to use at your own risk. We are not lawyers, legal Services or Licensed Consultant. We have a strict no refund policy because of the work needed to give you the info.