Which is better a tax ID number or LLC to buy whol? On Fri, 18 Jun 2010 09:39:42 GMT starting  . a

Selling of GLTB products to the gay communities. Products from jewlry to clothing, hats, books, bumper stickers, etc.

      Retail Trade eBay Selling with 0 employees in Timonium,  , 21093,                  

Here is the tax id number (s) and permit (s) the law requires you to get because you are starting a new small business:  You need to get (1) a Tax Registration license, (2) a DBA business name certificate.  (3) a buyer's or wholesale license permit and, (4) a federal id number.  NOTE: You don’t need a seller’s permit if your business is located in Alaska, Oregon or New Hampshire – Use your federal tax id when they ask you for a wholesale tax id number.  However, if your business is located in (Michigan, Georgia, New York, Maryland and Nevada,) you will need to obtain a Federal Tax Id, in addition to a Seller’s Permit / Wholesale License.  There are some modifications, for example, instead of getting a DBA business name certificate, it is recommended forming an LLC or incorporate your small business.  Forming an LLC or incorporating is probably the best and most inexpensive insurance against business creditors and business related judgment holders, who are after your personal assets.  In concluding, keep in mind that if you do form an LLC or incorporate, you will also need to obtain a federal id number.

           

Add Comments

User      Email      Privacy Guaranteed Email will NOT be published! Date Enter Comment or Question

	Click Here to Submit It.

Frequently Asked Questions:

Q: I started a business as a partnership but never really took off. Do I still need to file an IRS return?
A: If you filed for a a partnership but never started a business, you need to file a tax return anyway and just fill out the gross business income as zero. Otherwise the IRS will charge you with a penalty for non filing the return.

Q: What if the independent contractor is an LLC or corporation, do I still need to send them a 1099 form?
A: To be safe, yes, send everyone that does any work for you for more than $600 a 1099 form.

Q: What is the threshhold before I am required to file a business tax return?
Even if you made $0 dollars, you still need to file a business tax return.

Q: What is an EIN Used For?
A: You can use an EIN to pay employment taxes withheld and use it as a corporation, LLC or business tax ID number as a sole proprietor or partnership or you can combine any of the previous uses of an EIN.