TN Tax ID Number
TN Tax ID Number
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Frequently Asked Questions:
Q: I started a business as a partnership but never really took off. Do I still need to file an IRS return?
A: If you filed for a a partnership but never started a business, you need to file a tax return anyway and just fill out the gross business income as zero. Otherwise the IRS will charge you with a penalty for non filing the return.
Q: How do I work with 1099 forms? Do I have to mail it to all independent contractors?
Q: What is the threshhold before I am required to file a business tax return?
Tax returns are required for all businesses.
Q: What is an EIN Used For?
A: You can use an EIN to pay employment taxes withheld and use it as a corporation, LLC or business tax ID number as a sole proprietor or partnership or you can combine any of the previous uses of an EIN.
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Question: Family Reunion
1/12/2013 2:39 PM
Perry Family ReunionCo.
Knoxville Knox County
Legal tax registration requirements for
Business Type in The City Of
Requirments below include Web based, Online, Websites, Home or eBay Businesses)
Filing a DBA is not required if you will set up an LLC or form a Corporation.
Partnerships will need to obtain a federal tax id number.
A ficitious name is required if you use a trade name.
Using any language that connotes additional owners in the name of the business makes filing a fictitious business name mandatory.
| All businesses must be identified either with a federal tax ID or the ss# of the owner if sole proprietorship. All other business entities, such as LLC, Corp, Partnerships, need a federal tax ID number. In addition, if the business sells any merchandise whether wholesale or retail or if it leases equipment, it will need a sales tax ID number. Furthermore, employers will need both a federal EIN, and a State EIN. Finally, if the business uses a trade name, the name must be registered with an assumed business name certificate also called a DBA doing business as. Note that since you have to select a business structure, if you select to be an LLC or corporation you will not need to file an assumed business name. |
Family Reunion Answer:
Here are the steps for TN
tax registrations and tax IDs you will need for starting your own small company in
- FIRST STEP: Ensure that you secure
- SECOND STEP:
determine the Knoxville
business location (you home can be a business location).
- THIRD STEP: Obtain permits,tax ID number(s).
Here is the minimum licensing you need:
You can offset personal losses against the profits of an LLC or S corporation.
|Partnerships need to be identify with a business name registration and the obtainment of a federal IRS tax id number. |
If you are a service but you also use parts you will need a sales tax Id also called a resale license or resale certificate to collect taxes and or buy wholesale.
If the food is cooked or prepared in any way sales tax must be collected when sold. That requires a sales tax license.
In addition to tax IDs and tax registrations, businesses need to register their business name with a DBA.
On the other hand, if there is a suffix in the trade name such as "& Associates", you need to file a fictitious business name.
If you are a member of a learned profession such as lawyer, architect etc, you will need to pass a state professional exam.
Lately, as of 2012, the SBA has approved loans for small businesses. You may want to look what money is available to help you start your business.
Last but not least, obtain a credit card processor to collect money from credit cards.
After you register your business name or form your LLC, take the certificate to a banker and open a business checking account.
You will also need to get an accountant or better yet set up an account to do your payroll online.
If you have not done so yet, register your internet domain name to sound like the business you are in.
Unless you know how to build a website, hire a professional to build a functional website so you can sell online.
A very difficult part of an online business is setting up a way to allow the visitors to select the products or services into a shopping cart.
A great classic way of advertising are business cards. Get some nice ones that will impress your customers.
It never hurts to get some advice from a business person with experience such as a business consultant.
FINAL STEP: Incorporation or an LLC is a good choice under your circumstances.