If you recently started or plan to start a business in Centenary SC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Centenary SC.
Obtaining a Tax ID Number (EIN)
When starting a business in Centenary SC, 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.
South Carolina State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Centenary SC you will also likely need a South 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 South Carolina State Website at https://dor.sc.gov/tax/registration
Cities in South Carolina
- Rains, SC
- Marion, SC
- Galivants Ferry, SC
- Galivants Fry, SC
- Mullins, SC
- Brittons Neck, SC
- Gresham, SC
- Pamplico, SC
- Poston, SC
- Johnsonville, SC
- Aynor, SC
- Fork, SC
- Quinby, SC
- Nichols, SC
- Sellers, SC
- Effingham, SC
- Coward, SC
- Bucksport, SC
- Hemingway, SC
- Stuckey, SC
- Scranton, SC
- Latta, SC
- Conway, SC
- Green Sea, SC
- Lake View, SC
- Lake City, SC
- Loris, SC
- Dillon, SC
- Floyd Dale, SC
- Floyd Dl, SC
- Marietta, NC
- Fair Bluff, NC
- Florence, SC
- Nesmith, SC
- Cades, SC
- Hebron, SC
- Cerro Gordo, NC
- Raynham, NC
- Fairmont, NC
- Blenheim, SC
- Barnesville, NC
- Darlington, SC
- S Of Border, SC
- Hamer, SC
- South Of The Border, SC
- Mckenzie Crossroads, SC
- Olanta, SC
- Carolina Forest, SC