Churches are tax-exempt, and if they qualify for 50(c)(3) status, they don’t have to file an annual income tax return as many non-profits do. If you run a church, you don’t have to worry about paying income tax or filing a tax return for the church. But you still need a tax ID. To help […]
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If you are forming a corporation, you will need to obtain a tax ID (EIN) number. This is a nine-digit number that is used to identify your business for tax purposes. You can apply for an EIN online, by fax, or by mail. But applying online is usually the best method. In Brief: How You […]
When someone dies, their assets become the property of their estate. Then, the estate goes through a legal process called probate. Probate pays off creditors and distributes the estate’s remaining assets to heirs as dictated by the deceased person’s will or by state law. To complete this process, you may need a tax ID number […]
What Is A TIN Number
5
Apr
2023
What Is A Taxpayer Identification Number (TIN) & How To Obtain One Every taxpayer files different forms during tax season and they use something called a TIN number to do this. This article will answer the question “What is a TIN number?” and explain its uses. You will also learn about the types of TIN […]
As the name suggests, an LLC is a limited liability company. This type of business structure provides its owners with personal liability protection from the debts and obligations of the business. In order to establish an LLC, you must file articles of organization with your state’s business filing office. One of the key components of […]
What Is An LLC & How To Apply
22
Mar
2023
What Is a Limited Liability Company (LLC)? What is an LLC? A Limited Liability Company, or LLC for short, makes the best option for small business owners or new business owners. An LLC is known to be very accommodating as it gives business owners flexibility in taxation options and does not limit the number of […]
What Is An LLC Operating Agreement
20
Mar
2023
An Operating Agreement for a Limited Liability Company (LLC) is a document that details the terms of the company, such as the financial and operational decision-making processes, as well as the rights and responsibilities of each member. Once signed by all LLC members, the agreement serves as a binding set of rules for them to […]
What Is Doing Business As (DBA)
13
Mar
2023
You may have noticed, as a consumer, that some companies go by different names. You may even be wondering how you might do the same for your business. The answer lies in something called a DBA. And if you’re asking “What is a DBA?” you’re at the right place. By the end of this article, […]
How Do You Get a Sales Tax ID?
9
Mar
2023
If you’re going to be selling products to customers in a state with sales tax, you’re going to need a sales tax ID. Monthly or quarterly (depending on your state, and the volume of your transactions), you’ll need to report how much tax you collected, and pay that amount of tax into the state. Some […]
Deciding the business entity for your company is a decision that requires a good grasp of legal entities in the U.S. as well as an understanding of your company’s goals, operations, capabilities, and structure. In this article, we will address the question “Is an LLC a corporation?” from business planning, tax, and management perspectives. What […]