If you recently started or plan to start a business in Sauk Rapids MN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Sauk Rapids MN.
Obtaining a Tax ID Number (EIN)
When starting a business in Sauk Rapids MN, 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.
Minnesota State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Sauk Rapids MN you will also likely need a Minnesota 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 Minnesota State Website at http://www.revenue.state.mn.us/businesses/withholding/Pages/HowdoIgetaMinnesotawithholdingtaxIDnumber.aspx
Cities in Minnesota
- Fingerhut, MN
- Fingerhut (Pre Paid), MN
- Fingerhut Bus Reply, MN
- Fingerhut Sweepstakes, MN
- Fulfillment Distribution Ctr, MN
- Forada, MN
- Rice, MN
- Gilman, MN
- Foley, MN
- Ronneby, MN
- Oak Park, MN
- Saint Stephen, MN
- St Stephen, MN
- Waite Park, MN
- Saint Cloud, MN
- Sartell, MN
- Saint Joseph, MN
- St Joseph, MN
- Clear Lake, MN
- Collegeville, MN
- Santiago, MN
- Royalton, MN
- Avon, MN
- Rockville, MN
- Buckman, MN
- Saint Augusta, MN
- Clearwater, MN
- Holdingford, MN
- Foreston, MN
- Elmdale, MN
- Bowlus, MN
- Cold Spring, MN
- Becker, MN
- Pease, MN
- Princeton, MN
- Big Lake, MN
- Albany, MN
- Milaca, MN
- South Haven, MN
- Pierz, MN
- Harding, MN
- Genola, MN
- Kimball, MN
- Richmond, MN
- Upsala, MN
- Annandale, MN
- Monticello, MN
- Lastrup, MN