If you recently started or plan to start a business in Newberry SC or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Newberry SC.
Obtaining a Tax ID Number (EIN)
When starting a business in Newberry 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 Newberry 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
- Silverstreet, SC
- Kinards, SC
- Stoney Hill, SC
- Prosperity, SC
- Slighs, SC
- Stockman, SC
- Joanna, SC
- Glympville, SC
- Pomaria, SC
- Chappells, SC
- Bigcreek, SC
- Whitmire, SC
- Little Mountain, SC
- Little Mtn, SC
- Clinton, SC
- Peak, SC
- Saluda, SC
- Richland Springs, SC
- Fruit Hill, SC
- Emory, SC
- Mountville, SC
- Chapin, SC
- Lake Murray, SC
- Cross Hill, SC
- Jenkinsville, SC
- Monticello, SC
- Blair, SC
- White Rock, SC
- Ninety Six, SC
- Ballentine, SC
- Irmo, SC
- Waterloo, SC
- Samaria, SC
- Batesburg, SC
- Batsbrg-Levil, SC
- Kneece, SC
- Batesburg-Leesville, SC
- Holtson Crossroads, SC
- Summerland, SC
- New Holland Crossroads, SC
- Ward, SC
- Leeds, SC
- Tuckertown, SC
- Carlisle, SC
- Gilbert, SC
- Laurens, SC
- Red Bank, SC
- Macedon, SC