If you recently started or plan to start a business in Townsend MT or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Townsend MT.
Obtaining a Tax ID Number (EIN)
When starting a business in Townsend MT, 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.
Montana State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Townsend MT you will also likely need a Montana 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 Montana State Website at http://sos.mt.gov/business
Cities in Montana
- Winston, MT
- Toston, MT
- White Sulphur Springs, MT
- Wht Sphr Spgs, MT
- Ringling, MT
- East Helena, MT
- Radersburg, MT
- City County Building, MT
- State Of Montana, MT
- Carroll College, MT
- Helena, MT
- Fort Harrison, MT
- Belgrade, MT
- Jefferson City, MT
- Jefferson Cty, MT
- Three Forks, MT
- Trident, MT
- Montana City, MT
- Clancy, MT
- Martinsdale, MT
- Lennep, MT
- Wolf Creek, MT
- Craig, MT
- Boulder, MT
- Neihart, MT
- Monarch, MT
- Willow Creek, MT
- Marysville, MT
- Manhattan, MT
- Amsterdam, MT
- Wilsall, MT
- Basin, MT
- Stockett, MT
- Canyon Creek, MT
- Cardwell, MT
- Clyde Park, MT
- Whitehall, MT
- Cascade, MT
- Elliston, MT
- Harrison, MT
- Montana State Univ Bozeman, MT
- Avon, MT
- Bozeman, MT
- Garrison, MT
- Hobson, MT
- Raynesford, MT
- Pony, MT
- Armington, MT