If you recently started or plan to start a business in Lafollette TN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Lafollette TN.
Obtaining a Tax ID Number (EIN)
When starting a business in Lafollette 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 Lafollette 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
- Morley, TN
- Jacksboro, TN
- Duff, TN
- La Follette, TN
- Newcomb, TN
- Jellico, TN
- Caryville, TN
- Eagan, TN
- Pioneer, TN
- Lake City, TN
- Andersonville, TN
- Sharps Chapel, TN
- Norris, TN
- Speedwell, TN
- Clairfield, TN
- Pruden, TN
- Winfield, TN
- Maynardville, TN
- Norma, TN
- Huntsville, TN
- Fonde, KY
- Laurel Fork, KY
- Frakes, KY
- Heiskell, TN
- Emlyn, KY
- Devonia, TN
- Briceville, TN
- Siler, KY
- Williamsburg, KY
- Cumberland College, KY
- Nevisdale, KY
- Cumberlnd Clg, KY
- Pine Knot, KY
- Clinton, TN
- Powell, TN
- Luttrell, TN
- New River, TN
- Helenwood, TN
- Cumb Gap, TN
- Cumberland Gp, TN
- Cumberland Gap, TN
- Strunk, KY
- Corryton, TN
- Oneida, TN
- Arthur, TN
- Bryants Store, KY
- Revelo, KY
- Powder Spgs, TN