Great! Now it's time to talk about Tax ID's and Business Licenses.
TODAY’S TOPIC:
Tax Id and Business Licenses
What is an EIN and why would you need it?
An
EIN is a Employer Identification Number. If you are hiring employees
you will need it or if you run your business as a corporation or a
partnership.
I
chose to incorporate as an LLC and to run my company as a corporation.
When I went to open my company bank account, the bank asked me for this
number, my incorporation documents, my business license and for a
“Certificate of Good Standing”. Also, I do not plan on hiring any
employees myself, but when I have picked up contract work and I have had
to fill out an I-9 form I have used this number.
What Business Licenses will you need?
After Incorporating, you will also want to get a State Business License
for the place you will be doing business. In addition, you may need to
get a business license for your county, city, or for your specific
expertise.
I know it can be confusing, but just start with the Federal ID number and work your way down – State, County, City and then expertise.
Got it?
After you have your licenses, you will want to go back to your dashboard at Incorp,
scan and upload copies of them. That way, you have a copy of all of
your corporate docs safe in one place. If you choose not to use Incorp,
I suggest creating a business folder on your computer where you scan
and keep a copy of all your corporate documents. You will want both a
hard copy and an electric copy saved in a file.
For more information, you can always go to the link on the $MARTBAR in the Start tab for the government business page.
That's it for today! Again, it's time to get your licenses at:
www.tinyurl.com/sbo-tax-lic
Here’s to your success – Because your success is my success!
Trina R Sellers
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