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  • Top Articles - Sole-Proprietors, Protect Yourself from Identity Theft by Obtaining an EIN

    Obtaining an EIN or employer identification number is a good idea if you are a sole-proprietor.

    From t
    According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
    ime to time, you'll be asked to provide your social security number or employer ID to clients or govern
    ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

    Examples of combination products may in
    mental agencies. Once you do that you have no control over which client employees and others can view y
    lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

    our number.

    With identity theft an ever increasing problem, reducing the need to give out your social
    here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
    ecurity numer can only be a good idea.

    The best way to do that is to have an employer identification n
    d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

    Combination pro
    umber.

    In fact, having an EIN is mandatory for almost any business that is set up as something other t
    ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
    han a sole-proprietorship.

    This is the IRS checklist for businesses that are required to have an Emplo
    easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
    er Identification Number.

    • You have employees.
    • You are set up as a corporation or partnership.
    nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

    • You file tax returns for Employment, Excise, or Alcohol Tobacco and Firearms.
    • You withho
    and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
    ld taxes on income, other than wages, paid to a non-resident alien.
    • You have a Keogh plan.
    ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
    You are involved in a trust. (There are some exceptions, check the IRS site).
    • You are involved
    ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

    Following aspects would a
    in one of the following types of organizations: Estates, real estate mortgage conduits, non-profits, fa
    dd to the challenges in developing combination products:

    Which markets to tap where the combination products can do fairly well?
    Which combination prod
    rmer's cooperatives, and plan administrators.

    Sole-proprietors are not required to have an EIN. But if
    cts are meaningful and rational?
    Which therapeutic categories to select?
    Which Combinations can address unmet needs of the patients?
    Do combin
    you are a sole-proprietor, I strongly recommend getting one.

    The reason? If you are a sole-proprietor
    tions increase the patient compliance?
    What would be the developing cost?
    How to tackle the risks encountered during combination product developmen
    clients who pay you $600 or more in the course of a year must file a 1099 on your behalf. And they nee
    t?

    As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
    d your social security number or employer identification number to do that.

    And you, in turn, are requ
    ping new procedures for reviewing their safety, efficacy and quality.

    Professional from academic institutions, pharmaceutical industries, health care indust
    ired to do the same for your own sole-proprietor subcontractors who receive $600 or more in payments fr
    y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
    m you.

    The Employer's ID number fulfills IRS's requirements when filing your 1099s, so you just substi
    .

    As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
    tute the EIN for the social security number.

    The process is easy and straightforward.

    You can apply f
    elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

    Companies that provide selfless information through particip
    or your EIN number online at the IRS website (www.irs.gov) or ask the IRS to have the forms sent to you


    tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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