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What Tax IDs Do I Need
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All businesses need
The
TAX IDS AND Licenses
Below
Including businesses run by professionals,
contractors, online
web sites, selling on
eBay, home businesses,
sole owners, partnerships, corporations, or any other business.
Why You May Need One or More
of The Following:
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All
businesses are
required
to obtain
a
Business License -
(note:
A corporation, LLC or DBA filing is NOT a business license filing).
This is a separate business
tax registration type and most
businesses must register and have a
business license before starting
business.
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Businesses using
a name other than the owner's name
are
required
to register
a
DBA / Fictitious Business Name
Certificate. Note
that you can incorporate or
form an LLC instead of filing a DBA. If you are an LLC or
Corporation you don't need a dba.
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Businesses
that are employers
are
required to obtain
a
State
Tax Id
(EIN) and
a Federal
Tax Id
(FEIN)
NOTE:
Sole owners can use a federal tax id to
build business credit.
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Wholesalers, retailers
of
taxable goods / services require a
Wholesale License /
Seller's
Permit / Resale
License.
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Corporations
or LLCs,
employers, and, in some states,
those businesses that are also getting a
Seller's Permit
are
required
to obtain
a
Federal
Tax Id
(FEIN) and a
Business License.
You
can use a federal tax id number as your business id number.
Otherwise, you will need to use your social security number over
the phone or the internet all the time for orders or other
business identification reasons. And your don't want
your social security out there if you want to protect your
identity.
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A
Corporation or LLC
filing will eliminate personal
legal and financial liability, save taxes, and
protect your personal assets.
Click Here to File Your
Corporation Or LLC. back
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Partnerships and LLCs should
have an Operating Agreement
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If you use a business name that another
business is already using, you may be
sued for damages as well as for a
judgment to be enjoined from using the
business name.
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