Question: 98059
12/9/2020 1:25 AM
Renton,
WA
WA.
Sole Proprietorship
with
0
Staff. .
DiPaulinasch
I am about to open a new
World Wide PyG collectionsCo.
What is the difference between a tax ID and a sales tax ID?
Sole Proprietorship
Federal Tax ID Number vs. EIN.
Renton King County
, WA
98055.
REQUIRED LICENSES
Legal Structure
Whether an online, home, store, concession stand or a mobile cart, you will need to first select among sole owner/proprietor, partnership, LLC or corporation, all of which also require a General Business License (not a specific license to your type of business) as well. If your trade name is a business name other than your full personal legal name, you will need to Register a DBA . For instance, your name is John Doe, and you do business as Best Widgets By John, the name must be registered with a DBA Biz Name because it is not your full legal name. Also, note that whatever item that you sell or lease and it is an item that can be touched (i.e., tangible such as equipment, toys, merchandise, electronics, prepared food) requires a state sales tax ID ( Sellers Permit ) to either buy or sell the items or products wholesale and or sell them retail. If you are hiring workers anytime soon, you will need a Federal EIN and a State EIN (employer identification number). Other instances that you will need a federal tax ID are: if you are a partnership, an independent contractor, and a corporation or an LLC . You can also obtain a federal tax ID as a sole proprietor and use it as a business tax ID in the place of a social security number. However, you will still need other registrations, such as licenses, an assumed business name DBA, and tax IDs as described above. Finally, even one person, sole owner/proprietors working from home or just online can form a LLC or incorporate, in which case, they will not need to Register a DBA. |
Here is what tax ids you are legally are required to get for in
Renton, WA.
IMPORTANT:
Requirments below include Web based, Online, Websites, Home or eBay Businesses)
Answer:
The following are the tax numbers you need to start your Renton small company.
99% of new businesses are required to get a(n) , Renton
business tax registration.
Businesses with an trade firm name other than the owner's legal name are required to get a(n) King County DBA assumed business name certificate.
You may also need a tax id called a resale tax ID or seller's license if you selling touchable items. (A.K.A WAseller's permit, state id, wholesale, resale, reseller certificate).
In addition you will need a federal and a state EIN if you will hire employees.
I.e., a WA Federal Tax Id Number and a(n) WA State Employer Tax Number
Instead of filing a fictitious business name DBA Filing in
Renton, Incorporate in WA or form a(n) WA LLC
Here are the tax IDs that businesses need: 1. an IRS tax ID number. 2. A state resale tax ID number an employer tax ID number and 3. A tax registration ID number.
New businessess whether home or other types will need a general tax registration that could be a business permit and or license. Sole proprietors just need that plus perhaps a registration of a business name certificate if in fact the business is using an assumed business name. E.g. if the business is called "Superior Medical Billing" it will need to file a DBA. Other than that employer sole owners will need both a federal ein and a state ein and if selling any type of widgets such as items on eBay or Etsy will need a state reseller number also called a seller ID or resale number.
Finally starting businesses must choose a business legal/tax structure. There are 4 major business entity structures: 1. A sole proprietorship a partnership an LLC and a corporation. You can select any one of them.
Corporations and LLCs need the business tax registration license and a federal tax ID number.
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The following are the tax numbers you need to start your Renton small company.
99% of new businesses are required to get a(n) , Renton
business tax registration.
Businesses with an trade firm name other than the owner's legal name are required to get a(n) King County DBA assumed business name certificate.
You may also need a tax id called a resale tax ID or seller's license if you selling touchable items. (A.K.A WAseller's permit, state id, wholesale, resale, reseller certificate).
In addition you will need a federal and a state EIN if you will hire employees.
I.e., a WA Federal Tax Id Number and a(n) WA State Employer Tax Number
Instead of filing a fictitious business name DBA Filing in
Renton, Incorporate in WA or form a(n) WA LLC
You have a choice to register a fictitious business name or form an LLC or incorporate.
Partnerships will need to obtain a federal tax id number.
If you will do business under your first and last legal name you will not need to get a fictitious business name.
Also note that even using your first and last name may not help you avoid filing a DBA if the name has a suffix such as "& sons" etc.
FIRST STEP: Make sure you get
related tools such as specific equipment .
SECOND STEP: determine the Renton
business location (you home can be a business location).
THIRD STEP: Obtain tax ID number(s) and licenses. Here is the minimum registrations you need:
Perhaps the sole way of avoiding lawsuits and creditors after your assets such as your home and automobile is to form an LLC or incorporate.
You can offset personal losses against the profits of an LLC or S corporation.
If you have a partner you will need to register the company name and obtain a federal ID.
If you are a service type of business but you also use parts you will need a sellers permit also called a resale license or resale certificate AKA sales tax id or seller's permit to collect taxes and or buy wholesale.
Any businesses that sell prepared food need a seller's sales tax id number license.
.
Online business that sell merchandise online need to collect taxes and that requires a state ID.
Don't forget to get a state of the art website with your contac - merchandise - and shopping cart.
After you obtain a domain name you will need a host to host your domain and the website.
After you obtain a website you will also need a shopping cart to sell your services.
Do not forget that your business cards are a good form of advertising.
In most cases where you starting your own small company you will not need a small business consultant.
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