If you recently started or plan to start a business in Minot ND or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Minot ND.
Obtaining a Tax ID Number (EIN)
When starting a business in Minot ND, 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 Dakota State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Minot ND you will also likely need a North Dakota 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 Dakota State Website at http://www.nd.gov/businessreg/
Cities in North Dakota
- Logan, ND
- Ruthville, ND
- South Prairie, ND
- Minot State University, ND
- Sawyer, ND
- Burlington, ND
- Des Lacs, ND
- Douglas, ND
- Surrey, ND
- Norwich, ND
- Velva, ND
- Prairieview, ND
- Max, ND
- Makoti, ND
- Mafb, ND
- Minot A F B, ND
- Minot AFB, ND
- Minot Air Force Base, ND
- Benedict, ND
- Berthold, ND
- Blaisdell, ND
- Tagus, ND
- Foxholm, ND
- Lone Tree, ND
- Kongsberg, ND
- Verendrye, ND
- Voltaire, ND
- Bergen, ND
- Granville, ND
- Simcoe, ND
- Glenburn, ND
- Wolseth, ND
- Raub, ND
- Ryder, ND
- Deering, ND
- Wabek, ND
- Plaza, ND
- Ruso, ND
- Emmet, ND
- Garrison, ND
- White Sheild, ND
- Carpio, ND
- Hartland, ND
- Karlsruhe, ND
- Coleharbor, ND
- Balfour, ND
- Bantry, ND
- Riverdale, ND