If you recently started or plan to start a business in Thompson OH or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Thompson OH.
Obtaining a Tax ID Number (EIN)
When starting a business in Thompson 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 Thompson 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
- Montville, OH
- South Madison, OH
- North Madison, OH
- Madison On The Lake, OH
- Madison, OH
- Painesville, OH
- Fairport Harbor, OH
- Fairport Hbr, OH
- Perry, OH
- North Perry, OH
- Rock Creek, OH
- Roaming Shores, OH
- Roaming Shrs, OH
- Unionville, OH
- Geneva On The Lake, OH
- Geneva, OH
- Windsor Mills, OH
- Windsor, OH
- Huntsburg, OH
- Concord Twp, OH
- Kirtland, OH
- Concord Township, OH
- Chardon, OH
- East Claridon, OH
- Hartsgrove, OH
- Roaming Rock Shores, OH
- Rome, OH
- Austinburg, OH
- Grand River, OH
- Kirtland Hills, OH
- Mentor On Lk, OH
- Mol, OH
- Mentor, OH
- Mentor On The Lake, OH
- Middlefield, OH
- Mesopotamia, OH
- Burton, OH
- Chesterland, OH
- Orwell, OH
- East Orwell, OH
- Willoughby, OH
- Waite Hill, OH
- Newbury, OH
- Lenox, OH
- New Lyme, OH
- Jefferson, OH
- Plymouth Twp, OH
- Edgewood, OH