What is BIN (business identification number)?

Question

i am going through business registration and they need a BIN, should i just wright down any number that comes to my head, or is it something specific?

Answer 1

Hello,

I have been in business for over 35 years and never have heard that term. The only thing it can mean is your tax ID number. If you are a sole proprietor than the number is your social security number, if you are incoporated you will have another tax ID number.

Answer 2

I believe it is the same as an Employer Identifcation Number.  Basically a Social Security type number but for a business.  EIN's are issued by the Federal Department of Revenue and BIN may be state issued.  

If you are having questions at this stage, you should get free counseling from SCORE (www.SCORE.org).  They are retired business professionals who offer free counseling for those developing, expanding or even selling a business.

Much Success to you!