If you recently started or plan to start a business in Bentonville AR or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Bentonville AR.
Obtaining a Tax ID Number (EIN)
When starting a business in Bentonville 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 Bentonville 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
- Wal Mart Inc, AR
- Centerton, AR
- Cave Springs, AR
- Bella Vista, AR
- Hiwasse, AR
- Elm Springs, AR
- The Highlands, AR
- Lowell, AR
- Pea Ridge, AR
- Avoca, AR
- Springdale, AR
- Decatur, AR
- Tontitown, AR
- Springtown, AR
- Gentry, AR
- Gravette, AR
- Rogers, AR
- Little Flock, AR
- Johnson, AR
- Jane, MO
- Pineville, MO
- Garfield, AR
- Sulphur Spgs, AR
- Sulphur Springs, AR
- Bethel Hts, AR
- Bethel Heights, AR
- Powell, MO
- Wheeler, AR
- Siloam Spgs, AR
- Siloam Springs, AR
- Noel, MO
- Maysville, AR
- Gateway, AR
- Farmington, AR
- Lanagan, MO
- Washburn, MO
- Goshen, AR
- Seligman, MO
- Hindsville, AR
- South West City, MO
- South West Cy, MO
- Greenland, AR
- West Siloam Springs, OK
- W Siloam Spgs, OK
- Colcord, OK
- Stella, MO
- Anderson, MO
- Rocky Comfort, MO