If you recently started or plan to start a business in Falmouth Foreside ME or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Falmouth Foreside ME.
Obtaining a Tax ID Number (EIN)
When starting a business in Falmouth Foreside ME, 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.
Maine State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Falmouth Foreside ME you will also likely need a Maine 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 Maine State Website at http://www.maine.gov/revenue/netfile/gateway2.htm
Cities in Maine
- Falmouth, ME
- Cumberland Center, ME
- Cumberlnd Ctr, ME
- Cumberland, ME
- Cumb Foreside, ME
- Cumberland Foreside, ME
- Westbrook, ME
- Yarmouth, ME
- Union Mutual Life Ins, ME
- Portland, ME
- Peaks Island, ME
- Long Island, ME
- Windham, ME
- Grt Dia Is, ME
- Diamond Cove, ME
- Cushing Island, ME
- Diamond Is, ME
- Ltle Dia Is, ME
- Great Diamond Island, ME
- Little Diamond Island, ME
- Diamond Island, ME
- Cushing Is, ME
- Chebeague Is, ME
- Chebeague Island, ME
- N Yarmouth, ME
- North Yarmouth, ME
- South Windham, ME
- South Portland, ME
- S Portland, ME
- So Portland, ME
- Cliff Island, ME
- Gorham, ME
- Gray, ME
- Bustins Is, ME
- South Freeport, ME
- S Freeport, ME
- Bustins Island, ME
- Cape Eliz, ME
- Cape Elizabeth, ME
- Pond Cove, ME
- Pownal, ME
- Ll Bean Co, ME
- Pine Point, ME
- Scarborough, ME
- Freeport, ME
- Bailey Island, ME
- Standish, ME
- Sebago Lake, ME