If you recently started or plan to start a business in Grover NC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Grover NC.
Obtaining a Tax ID Number (EIN)
When starting a business in Grover NC, 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.
North Carolina State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Grover NC you will also likely need a North Carolina 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 North Carolina State Website at https://eservices.dor.nc.gov/ncbusreg/
Cities in North Carolina
- Earl, NC
- Kings Mountain, NC
- Kings Mtn, NC
- Cherokee Falls, SC
- Kings Creek, SC
- Cherokee Fls, SC
- Blacksburg, SC
- Boiling Spgs, NC
- Boiling Springs, NC
- Waco, NC
- Kingstown, NC
- Patterson Springs, NC
- Boogertown, NC
- Groves, NC
- Smyre, NC
- Gastonia, NC
- Pinkney, NC
- Ridge, NC
- Crowders, NC
- South Gastonia, NC
- Victory, NC
- Lattimore, NC
- Smyrna, SC
- Bessemer City, NC
- Flay, NC
- Cherryville, NC
- Mooresboro, NC
- Bowling Green, SC
- Fallston, NC
- Crouse, NC
- Cliffside, NC
- Polkville, NC
- Shelby, NC
- Gaffney, SC
- Henrietta, NC
- Clover, SC
- Lake Wylie, SC
- River Hills, SC
- Lk Wylie, SC
- Hickory Grove, SC
- Caroleen, NC
- Ranlo, NC
- Spencer Mountain, NC
- Ragan Village, NC
- Dallas, NC
- Delight, NC
- Toluca, NC
- Double Shoals, NC