If you recently started or plan to start a business in Pelham TN or have another taxable entity one of the first things you will want to do is obtain your Tax ID in Pelham TN.
Obtaining a Tax ID Number (EIN)
When starting a business in Pelham 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 Pelham 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
- Monteagle, TN
- Hillsboro, TN
- Decherd, TN
- Gruetli Laager, TN
- Gruetli Laagr, TN
- Laager, TN
- Gruetli, TN
- University Of The South, TN
- Tracy City, TN
- Altamont, TN
- Saint Andrews, TN
- Sewanee, TN
- Cowan, TN
- Coalmont, TN
- Viola, TN
- Estill Spgs, TN
- Estill Springs, TN
- Sequatchie, TN
- Beershba Spgs, TN
- Beersheba Springs, TN
- Manchester, TN
- Palmer, TN
- S Pittsburg, TN
- New Hope, TN
- Orme, TN
- South Pittsburg, TN
- Winchester, TN
- Summitville, TN
- Morrison, TN
- Sherwood, TN
- Tullahoma, TN
- Dickel, TN
- Arnold AFB, TN
- Arnold Air Force Base, TN
- Powells Xroad, TN
- Powells Crossroads, TN
- Whitwell, TN
- Kimball, TN
- Jasper, TN
- Smartt, TN
- Mc Minnvl, TN
- Mc Minnvle, TN
- Normandy, TN
- Belvidere, TN
- Dunlap, TN
- Centertown, TN
- Mcminnville, TN
- Mc Minnville, TN