If you recently started or plan to start a business in Salisbury NC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Salisbury NC.
Obtaining a Tax ID Number (EIN)
When starting a business in Salisbury 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 Salisbury 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
- Correll Park, NC
- Spencer, NC
- East Spencer, NC
- Linwood, NC
- Granite Quarry, NC
- Granite Qry, NC
- Faith, NC
- Cooleemee, NC
- Southmont, NC
- Woodleaf, NC
- China Grove, NC
- National Wholesale Co Inc, NC
- Rockwell, NC
- Gordontown, NC
- Holly Grove, NC
- Reeds Cross Roads, NC
- Tyro, NC
- South Lexington, NC
- Feezor, NC
- Hedrick Grove, NC
- Yadkin College, NC
- Lexington, NC
- Lex, NC
- Silver Valley, NC
- Enterprise, NC
- Arcadia, NC
- Cotton Grove, NC
- Reedy Creek, NC
- Churchland, NC
- Hannersville, NC
- Petersville, NC
- Arnold, NC
- Yadkin, NC
- Cid, NC
- Farmington, NC
- Mocksville, NC
- Mount Vernon, NC
- Cool Spring, NC
- Cleveland, NC
- Amity, NC
- Barber, NC
- Landis, NC
- Mount Ulla, NC
- Mt Ulla, NC
- Bear Poplar, NC
- Gold Hill, NC
- Redland, NC
- Bixby, NC