Like others have said it helps out for doing tax excempt purchases and beyond that is basically nothing more than a replacement for your SSN for business use. I've been in business (always subbed out my work under Dad's company so technically I only had one customer) for nearly 14 years and have never had one to date. Since he semi-retired from the business and I'm taking over I plan to get one at the end of the year to use from 2012 on.
The reason I'm doing it, and something I haven't seen mentioned yet is this. When your dealing with multiple customers your not giving out your personal SSN, something that could be easily used in an ID theft, to everyone but rather your using an EIN which is strickly a business related number identifying you. Not having my SSN floating around out there in way more filing cabinets/computer systems than it already is just makes sense to me.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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