An LLC can be best described as a hybrid between a corporation and a partnership. It provides easy “pass-through” taxation like a Sole Proprietorship/Partnership, with the liability protection of a Corporation.
Does my business need to apply for an EIN?
Every business must have an EIN. Regardless if your business is non-profit, charity, or even if you will not have employees. An EIN is necessary so that the IRS can identify your business and keep track of its tax responsibilities. If your business is tax-exempt, please be aware that your EIN is not the same as your tax-exempt number – it is important to note that almost every charity and non-profit organization could end up having its tax-exempt status automatically revoked if it fails to file its appropriate tax returns or tax notices for three consecutive years running. Once a business applies for its EIN, the IRS assumes that the organization is legally formed, and therefore starts tracking the business’ tax returns immediately. So, make sure your business is legally formed before applying for an EIN. Mostly all organizations are subject to automatic revocation of their tax-exempt status if they fail to file a required return or notice for three consecutive years.
Is this a monthly subscription?
No this is not a monthly subscription we provide services for your business up to 2 months. Services include but are not limited to: LLC Filing, Business Sales Tax and Id#, EIN, Content planning, building and connecting your social media accounts and more.
How can I open a business bank account?
Once you receive your LLC and EIN number that you can use those documents to open your business account. Always keep your business account separate from your personal account for tax purposes.