If you recently started or plan to start a business in Montbello CO or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Montbello CO.
Obtaining a Tax ID Number (EIN)
When starting a business in Montbello CO, 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.
Colorado State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Montbello CO you will also likely need a Colorado 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 Colorado State Website at https://www.colorado.gov/revenue
Cities in Colorado
- Aurora, CO
- Montclair, CO
- Lowry, CO
- Univ Of Colorado Med Ctr, CO
- Denver, CO
- Glendale, CO
- Dupont, CO
- Buckley Air Natl Guard Base, CO
- Buckley Air Force Base, CO
- Buckley Ang, CO
- Buckley AFB, CO
- Affiliated Banks Service Co, CO
- Wells Fargo Bank, CO
- Co Dept Of Revenue, CO
- Co Dmv Dept Of Rev, CO
- Western Area Usps, CO
- National Farmers Union, CO
- Bank Of America, CO
- Blue Cross Blue Shield Of Co, CO
- Small Business Adm, CO
- Federal Bldg/us Courthouse, CO
- Welby, CO
- University Of Denver, CO
- Federal Hgts, CO
- Federal Heights, CO
- Northglenn, CO
- Henderson, CO
- Lakeside, CO
- Commerce City, CO
- Irondale, CO
- North Glenn, CO
- Westminster, CO
- Edgewater, CO
- Cherry Hl Vlg, CO
- Englewood, CO
- Cherry Hills Village, CO
- Sheridan, CO
- Greenwood Village, CO
- Cherry Hills, CO
- Greenwood Vlg, CO
- Arvada, CO
- Grants Ranch, CO
- Eastlake, CO
- Ft Logan, CO
- Fort Logan, CO
- Centennial, CO
- East Lake, CO
- Wheat Ridge, CO