If you recently started or plan to start a business in N Hampton OH or have another taxable entity one of the first things you will want to do is obtain your Tax ID in N Hampton OH.
It’s important to understand that there are 2 different types of Tax ID’s that you will likely need in N Hampton OH, a Federal Tax ID (also known as an EIN) and a State Level Tax ID.Obtaining a Tax ID Number (EIN)
When starting a business in N Hampton OH, 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.
Ohio State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in N Hampton OH you will also likely need a Ohio 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 Ohio State Website at http://www.tax.ohio.gov/Business/business_registration.aspx
Cities in Ohio
- North Hampton, OH
- New Carlisle, OH
- Donnelsville, OH
- Tremont City, OH
- Christiansbrg, OH
- Christiansburg, OH
- Christiansbg, OH
- Springfield, OH
- Spfld, OH
- Casstown, OH
- Medway, OH
- Enon, OH
- St Paris, OH
- Saint Paris, OH
- Westville, OH
- Fairborn, OH
- Urbana, OH
- Fletcher, OH
- Conover, OH
- Lena, OH
- Phoneton, OH
- Tipp City, OH
- Tipp, OH
- Troy, OH
- Huber, OH
- Huber Hts, OH
- Huber Heights, OH
- Huber Hgts, OH
- Yellow Spgs, OH
- Yellow Springs, OH
- Wp Air Base, OH
- Wright Patterson AFB, OH
- Wright Pat, OH
- Wright Patter, OH
- Hobart Corp, OH
- Clifton, OH
- Rosewood, OH
- Wright State University, OH
- Catawba, OH
- Vandalia, OH
- Riverside, OH
- Wpafb, OH
- South Vienna, OH
- S Vienna, OH
- So Vienna, OH
- S Charleston, OH
- So Charleston, OH
- South Charleston, OH