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| Starting a(n) Direct lender Business Licenses & Tax IDs |
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As the majority of Direct lender businesses, 99.9%, you will need an occupational business license even if you obtain a free LLC
filing or you incorporate.
In addition, you may need a federal tax ID number, and if you sell any merchandise, you will need a resale tax ID number.
Also note that all LLC
s need an occupational business license. Also, if the LLC
has more than one member, or you will file a tax return for the LLC
as a corporation as opposed as a disregarded entity, you will need a federal tax ID number for the LLC
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Starting a business fist step is to choose the tax legal structure.
There are three major ones:
1. Sole proprietor,
2. Partnership, and
3. Corporation or Direct lender Limited Liability Company. All small, home or web based businesses as well as big businesses must choose and register as on of the above. In addition, businesses must obtain a business tax registration occupational license receipt.
If selling any taxable items,a business must also get a reseller ID number to buy wholesale and sell retail.
Finally, if a business is a Direct lender employer, it needs to get a federal EIN and a State EIN. |
1. SELECT LLC, DBA, CORP
From sole propr., Yonkers LLC, NY partneship or NY Corp.: Each requires an entity certificate filing.
2. TAX IDs - PERMITS
All
Services
businesses/entities need a business license and an EIN.
3.
Yonkers STATE SALES TAX ID.
Selling/Buying wholesale or retail
requires a Yonkers seller's permit.
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You can choose to be a(n) :
- Sole Proprietor,
- LLC,
- Corporation or
- Partnership.
After you decide and select your business entity, you need licensing.
Staten Island Business Tax Registration (
Business License)
All businesses including home, online or mobile BUSINESS need a BUSINESS license because they are BUSINESSES.
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A(n) business doing business under an assumed business name in
New York City
i.e. you are a business with a trade name other than the owner's legal (full name) name are required to get a(n)
assumed business name certificate.
E.g. you venture into a(n)
business and you give it a trade name such as "Excellence
& Associates". You will need to register an assumed business name certificate.
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In
Yonkers
you need a resale ID ( AKA seller's permit) if you selling touchable items.
(A.K.A state id, wholesale, resale,
reseller certificate, about $39 for most states).
Seller's Permit
Note: All businesses need a federal tax ID number except sole proprietors that are not employers and are not independent contractors.
An independent contractor is a self employed business person that receives more than $600 per year from anyone of his or her clients.
IRS rule: The client must issue a 1099 form to the independent contractor and the independent contractor must have a federal tax ID.
However, even sole owners may obtain a federal ID and use it as a business tax ID instead of using their own social security number as a
business tax ID number.
However, all other licenses that apply to sole proprietors as discussed here are requited regardless of getting
a federal tax ID number.
Also keep in mind that employers will need to obtain a federal EIN and a State EIN tax identificattion number.
I.e., a Yonkers Federal Tax Id Number ($29) and a(n) Yonkers State Employer Tax Number
Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in
Staten Island, Incorporate in Yonkers or form a(n) Yonkers LLC .
You have a choice to file a DBA or form an LLC or incorporate.
If you will do business under your first and last legal name you will not need to get a fictitious business name.
Using any language that connotes additional owners in the name of the business makes filing a fictitious business name mandatory.
If you do form an Services llc or incorporate (about $49 plus state fees for most states) your business instead of just filing a fictitious business name (dba),
it will help you avoid personal liability from wrongs arising from your business dealings and you will not have to file the Staten Island business name.
In lieu of recording a New York City trade company name (our filing service fee includes trade name registration and newspaper legal publication for 4 weeks) you can also form a corporation in
Yonkers or form an Yonkers LLC (starts @ $49 plus state fee for most states & includes required documents such as bylaws for the corporation and Limited Liability operating agreement for the LLC). .
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