If you recently started or plan to start a business in Kershaw SC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Kershaw SC.
Obtaining a Tax ID Number (EIN)
When starting a business in Kershaw 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 Kershaw 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
- White Bluff, SC
- Taxahaw, SC
- Abney, SC
- Spring Mills, SC
- Westville, SC
- Dekalb, SC
- De Kalb, SC
- Pleasant Hill, SC
- Heath Springs, SC
- Stoneboro, SC
- Bethune, SC
- Jefferson, SC
- Pageland, SC
- Cassatt, SC
- Lancaster, SC
- Mc Bee, SC
- Robinson, SC
- Mcbee, SC
- Clyde, SC
- Liberty Hill, SC
- Hosiery Corp Of America, SC
- Red Hill, SC
- Shamokin, SC
- Camden, SC
- Antioch, SC
- Dusty Bend, SC
- Kirkland, SC
- Kirkwood, SC
- Mount Croghan, SC
- Ruby, SC
- Great Falls, SC
- Beckhamville, SC
- Ft Lawn, SC
- Fort Lawn, SC
- Longtown, SC
- Smallwood, SC
- Ridgeway, SC
- Chesterfield, SC
- Patrick, SC
- Mineral Springs, NC
- Mineral Spgs, NC
- Lugoff, SC
- Waxhaw, NC
- Marvin, NC
- Catawba, SC
- Wingate, NC
- Hartsville, SC
- Richburg, SC