If you recently started or plan to start a business in Mitchellville SC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Mitchellville SC.
Obtaining a Tax ID Number (EIN)
When starting a business in Mitchellville 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 Mitchellville 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
- Gillisonville, SC
- Ridgeland, SC
- Switzerland, SC
- Coosawhatchie, SC
- Sheldon, SC
- Tarboro, SC
- Tillman, SC
- Okatie, SC
- Spring Island, SC
- Sun City, SC
- Bluffton, SC
- Callawassie Island, SC
- Lobeco, SC
- Pineland, SC
- Early Branch, SC
- Barkersville, SC
- Fechtig, SC
- Grays, SC
- Coosaw, SC
- Seabrook, SC
- Dale, SC
- Gardens Corner, SC
- Pocataligo, SC
- Salkehatchie, SC
- Blake, SC
- White Hall, SC
- Whitehall, SC
- Yemassee, SC
- Port Royal, SC
- Furman, SC
- Laurel Bay, SC
- Naval Hospital, SC
- Beaufort, SC
- Bellinger, SC
- Purysburgh, SC
- Limehouse, SC
- Harbville, SC
- Hardeeville, SC
- Parris Island, SC
- Pritchardville, SC
- Brighton Beach, SC
- Ladies Island, SC
- Ladys Island, SC
- Scotia, SC
- Clyo, GA
- Robertville, SC
- Garnett, SC
- Brighton, SC