If you recently started or plan to start a business in Saint Paul AR or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Saint Paul AR.
Obtaining a Tax ID Number (EIN)
When starting a business in Saint Paul AR, serving as the administrator or executor of an estate, creator of a Trust or operating a Non Profit Organization obtaining a Tax ID (EIN) is a key responsibility. A Tax ID also known as an Employer ID Number (EIN) is a unique nine digit number that identifies your business or entity with the IRS for tax purposes, essentially like a Social Security Number for the entity. A Tax ID (EIN) is used for opening a business bank account, filing business tax returns and in many cases is required when applying for business licenses. In most cases it is helpful to apply for a Tax ID (EIN) as soon as your start planning a business to ensure that there are no delays in obtaining the correct licenses, financing and opening a business bank account that would be needed to operate.
Information to Consider Prior to Applying
Before applying for your Tax ID (EIN) you may want to consider a few things before starting the application including:
- Determine which structure your business or organization will operate as
- Determine the individual or organization that will serve as the responsible party
- Determine the physical address the business/entity will use – A physical address is required for all Tax ID (EIN)’s and a separate mailing address can be specified
Definition of Entities
- Sole Proprietor – An individual who owns a company that is not incorporated or registered with the state as a limited liability company (LLC).
- Limited Liability Company (LLC) – A LLC is a structure formed by filing articles of organization which allows members limited liability protection and pass through taxation.
- Corporation – A person or group of people who establish a legal entity by filing articles of incorporation with the state’s secretary of state.
- Estate of Deceased – An estate (or decedent estate) or succession is a legal entity created as a result of a person’s death.
- Trusts – All types of trusts including conservatorships, custodianships, guardianships, irrevocable trusts, revocable trusts, and receiverships.
- Partnership – An unincorporated organization in which two or more individuals share the profits and liabilities of a business venture.
- Church – For tax purposes, a “church” refers to any organization claiming to be a church including temples, mosques, and other houses of worship.
- Non-Profit Organization – Includes public charities, educational organizations, PTA/PTO Organizations, Community Sports Teams, Homeowners/Condo Associates, etc.
Arkansas State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Saint Paul AR you will also likely need a Arkansas State Tax ID. This ID is needed to pay business taxes, state income tax and/or sales tax on items you sell. Generally the State Tax ID is used for the follow:
- Sales and Use Tax
- Employee Income Tax Witholding
- Sales Tax Exemption Permits
- Excise Taxes for items like Alcohol, Tobacco, Firearms, Oil & Gas, heavy machinery, etc.
For specific detail refer to the Arkansas State Website at http://www.sos.arkansas.gov/BCS/Pages/businessServicesFAQ.aspx
Cities in Arkansas
- Combs, AR
- Pettigrew, AR
- Witter, AR
- Wesley, AR
- Oark, AR
- Kingston, AR
- Huntsville, AR
- Elkins, AR
- Ozone, AR
- Winslow, AR
- Wayton, AR
- Deer, AR
- Limestone, AR
- Nail, AR
- Fayetteville, AR
- Ponca, AR
- Goshen, AR
- Ozark, AR
- Hindsville, AR
- Mountainburg, AR
- Parthenon, AR
- Compton, AR
- Clarksville, AR
- Greenland, AR
- Wiederkehr Vg, AR
- Wiederkehr Village, AR
- Altus, AR
- Hartman, AR
- Hunt, AR
- West Fork, AR
- Mulberry, AR
- Bethel Heights, AR
- Bethel Hts, AR
- Mossville, AR
- Mount Sherman, AR
- Low Gap, AR
- Jasper, AR
- Piercetown, AR
- Coal Hill, AR
- Berryville, AR
- Grandview, AR
- Rudd, AR
- Metalton, AR
- Urbanette, AR
- Johnson, AR
- Hagarville, AR
- Cecil, AR
- Alix, AR