Do I need to file for an EIN? What else do I need to do?

[GamerGripz]

Me and my friend started up a partnership recently and are just getting it off the ground. We filed for the partnership at the local county clerk but didn't do anything else regarding registering and taxes and all that.

We will be re registering as we have changed our name and we need to know of we need to file for any other things such as an EIN or any other forms? We do not have employees and we are just a 2 man online company.

Thanks.

 

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[DeletedUser2]

take a little time, read up on basics of corporations, partnerships and local tax laws.

maybe pay 100 bucks to an atty for some advice, (business atty)

or ask your local S.C.O.R.E guys (look it up)

take a few days and get some quick business lessons from some locals.

including taxes. maybe chat with a cpa for a lunch

 

[piotrkrzyzek]

I'm not a tax guy nor lawyer so as zen******* says: talk to a cpa/lawyer. It's your best bet.

That said, some generic info: if you want to work through the corporation "as a corporation" then you should get an EIN/TIN. That will also help separate you from the business legally a bit more. If you want the company to have a bank account and other fun things like that, get the EIN/TIN.

For other situations: ask the lawyer/cpa.

Personal, not legal, recommendation: got with an LLC (or series LLC). Seems like you don't need anything except some entity to work through.

 

[PatrickP]

Google your question and put IRS in the search.

Make sure you are on the IRS website when you research your question.

What I have found is if you do not have any employees the IRS prefers you use your social security number rather than an EIN.

 

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[GamerGripz]

okay thanks guys, im just not sure what i need to do to be legally recognized as a business other than just a DBA form and how we deal with taxes and all that so i think once we get closer to actually getting our product out for sale I will sit down and have a few talks with some attorneys and cpa's and so.

 

[^eagle^]

Ok if you are going to do business and hang a shingle in the state you are living in the best bet is to get an LLC in that state. If all your business is online I suggest getting an LLC in new Mexico. they have the most lenient LLC regulations.

After that file for an EIN with the IRS Using an SS-4. Go to IRS.gov and search SS-4 online and youwill get the link for your tax ID Number. Then you get a bank account with that and your good to go.

 

[hedgehog757]

Ok if you are going to do business and hang a shingle in the state you are living in the best bet is to get an LLC in that state. If all your business is online I suggest getting an LLC in new Mexico. they have the most lenient LLC regulations.

After that file for an EIN with the IRS Using an SS-4. Go to IRS.gov and search SS-4 online and youwill get the link for your tax ID Number. Then you get a bank account with that and your good to go.

How do you get an LLC in a state where you don't live?

 

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[^eagle^]

Google the "state" LLC. Find the cheapest rate and off you go.