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    4 Replies Latest reply on Nov 1, 2008 4:32 PM by VortexCenter

    Getting a Tax ID and license of LCC?

    VortexCenter Wayfarer
      Hi,

      I'm trying to be a book retailer. A lot of wholesaler request a Tax ID from me. Do I need both tax ID from New York state and Federal? I noticed that a lot of people provide this services (getting a tax ID for your business) online for some fee. Are these services save? Different company charge differently, who should I trust? Can anyone give me some suggestions on getting a tax ID quick, cheap and save?

      I was also told that getting a license of LCC is better than being an entrepreneur. Can anyone gives me an inside of this?

      Thanks!
        • Re: Getting a Tax ID and license of LLC?
          VortexCenter Wayfarer
          Hi,

          I would like to clarify a few things regarding my question. I was actually mean LLC vs. Sole-proprietor. My self is the only manager and employee. The business will starts in a very small scale. The only thing I really concern about is the tax and I need the tax ID to buy inventory. If I own a house, does it make a difference choosing between LLC and sole-proprietor?

          Thanks!
          • Re: Getting a Tax ID and license of LCC?
            fundamentals Wayfarer

            Hi Vortex numbers Center,

            First of alll we need to seperate the issues you are asking. The way I read it you are inquiring about obtaining EIN numbers, these are federal and state identification numbers, that you can apply for directly without paying any fees. Simply log on the the IRS website and navigate to the section on obtaining an EIN. You can do it over the phone. Likewise use the same process for the state EIN number. Typically you obtain EIN's if you have employees.

             


            Now regarding LLC, this is a legal filing with the state you plan to do business from. There are organizations that will do the filing for you at a fee. If you are somewhat business sauve, you can file your own LLC paperwork to the State Corporation Commission. If you feel you need help contact SCORE in your area and ask for their advise. SCORE is free and their mission is to help small start up companies. Hope this helps.

             


            Fundamentals
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            • Re: Getting a Tax ID and license of LCC?
              cisaac Newbie
              Usually wholesalers do require an EIN number. You can get your EIN online with the IRS as stated before by someone. Since you are a retailer, you may also need to get a sales/vendors license with your state. You can speak to an attorney regarding setting up your business structure. Also a few minutes with an accountant will help you understand why LLCs or certain business structures may be more advantageous. If you are uncertain about all of this (which most people are) look for someone who can stay with you through the process.
              1 of 1 people found this helpful