This separation also protects your identity. When you use your EIN for business transactions, you keep your Social Security number private. This reduces the risk of identity theft when dealing with vendors, customers, or payment processors.The process is simple. You open the business account using your company’s EIN instead of your Social Security number. You’ll use this account for all business income as well as expenses to clear records showing your business is its own entity, separate from you as an indi ...