If you recently started or plan to start a business in Linville Falls NC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Linville Falls NC.
Obtaining a Tax ID Number (EIN)
When starting a business in Linville Falls 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 Linville Falls 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
- Linville Fls, NC
- Jonas Ridge, NC
- Newland, NC
- Altamont, NC
- Spear, NC
- Frank, NC
- Hughes, NC
- Roaring Creek, NC
- Valley, NC
- Senia, NC
- Chestnut Dale, NC
- Pyatte, NC
- Three Mile, NC
- Stamey Branch, NC
- Cranberry Gap, NC
- Beech Bottom, NC
- Ingalls, NC
- Crossnore, NC
- Plumtree, NC
- Pineola, NC
- Montezuma, NC
- Spruce Pine, NC
- Minneapolis, NC
- Carpenter Bottom, NC
- Linville, NC
- Penland, NC
- Little Switzerland, NC
- Ltl Switzrlnd, NC
- Collettsville, NC
- Micaville, NC
- Blowing Rock, NC
- Mayview Park, NC
- Bamboo, NC
- Aho, NC
- Heaton, NC
- Elk Park, NC
- Flat Springs, NC
- Darkridge, NC
- Whaley, NC
- Cranberry, NC
- Foscoe, NC
- Matney, NC
- Banner Elk, NC
- Beech Mountain, NC
- Rominger, NC
- Elk Valley, NC
- Beech Mtn, NC
- Kellersville, NC