How to Get a Tax ID (EIN) in Knollwood IL

Obtaining a Tax ID Number (EIN)

When starting a business in Knollwood IL, 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.

Illinois State Tax ID

Outside of obtaining your Federal Tax ID (EIN) in Knollwood IL you will also likely need a Illinois 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 Illinois State Website at http://www.revenue.state.il.us/Businesses/register.htm

Cities in Illinois

• Green Oaks, IL
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• Great Lakes, IL
• Abbott Park, IL
• North Chicago, IL
• Downey, IL
• Selective Service, IL
• Mettawa, IL
• Lake Forest, IL
• Lincolnshire Woods, IL
• Park City, IL
• Libertyville, IL
• Waukegan, IL
• Vernon Hills, IL
• Indian Creek, IL
• Fort Sheridan, IL
• Highwood, IL
• Gurnee, IL
• Half Day, IL
• Prairie View, IL
• Prairieview, IL
• Lincolnshire, IL
• Highland Park, IL
• Deerfield, IL
• Bannockburn, IL
• Riverwoods, IL
• Mundelein, IL
• Buffalo Grove, IL
• Gages Lake, IL
• Grayslake, IL
• Hainesville, IL
• Wildwood, IL
• Third Lake, IL
• Lake Zurich, IL
• Long Grove, IL
• Forest Lake, IL
• Echo Lake, IL
• Hawthorn Wds, IL
• Hawthorn Woods, IL
• Wadsworth, IL
• Beach Park, IL
• Zion, IL
• Wheeling, IL
• Northbrook, IL
• Glencoe, IL
• Fox Lake Hills, IL
• Venetian Village, IL
• West Miltmore, IL