If you recently started or plan to start a business in Cottontown TN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Cottontown TN.
Obtaining a Tax ID Number (EIN)
When starting a business in Cottontown TN, 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.
Tennessee State Tax ID
Outside of obtaining your Federal Tax ID (EIN) in Cottontown TN you will also likely need a Tennessee 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 Tennessee State Website at https://apps.tn.gov/bizreg/
Cities in Tennessee
- Walnut Grove, TN
- White House, TN
- Portland, TN
- Cross Plains, TN
- Gallatin, TN
- Hendersonville, TN
- Hendersonvlle, TN
- Mitchellville, TN
- Orlinda, TN
- Ridgetop, TN
- Greenbrier, TN
- Goodlettsville, TN
- Goodlettsvlle, TN
- Goodlettsvle, TN
- Goodlettsvl, TN
- Millersville, TN
- Springfield, TN
- Bethpage, TN
- Rock Bridge, TN
- Lakewood, TN
- Old Hickory, TN
- Madison, TN
- Franklin, KY
- Castalin Spgs, TN
- Castalian Spg, TN
- Castalian Springs, TN
- Whites Creek, TN
- Westmoreland, TN
- Jere Baxter, TN
- Northeast, TN
- Adairville, KY
- Mount Juliet, TN
- Mt Juliet, TN
- Joelton, TN
- Donelson, TN
- Lebanon, TN
- Adolphus, KY
- Hermitage, TN
- Woodburn, KY
- Cedar Hill, TN
- Nashville, TN
- Tn Dept Revenue, TN
- Nashvle, TN
- Vanderbilt University, TN
- Nashville Elec Serv, TN
- Nashvl, TN
- Regions Bank, TN
- Baptist Hospital, TN