From the course: Running a Web Design Business: Defining Your Business Structure
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Understanding state tax obligations
From the course: Running a Web Design Business: Defining Your Business Structure
Understanding state tax obligations
While the Federal government does not tax income on an LLC, some states do. You'll need to check with your state's income tax agency to find out if LLCs are taxed there. Some common taxes that states might impose are LLC income tax, employment tax, unemployment tax, tangible personal property tax, sales tax, and franchise tax. Franchise tax is an annual tax some states charge for privilege of incorporating, or doing business in that state. As you've heard before in this course, every state has its own tax rules and regulations for LLCs. So please, visit your state's official website. You can also visit the Small Business Administration website to find information on state and local tax obligations, organized per state.
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Contents
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(Locked)
Getting started with a name for your LLC2m 52s
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(Locked)
Filing the Articles of Organization3m 53s
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(Locked)
Creating an operating agreement1m 10s
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(Locked)
Obtaining local licenses or permits1m 10s
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(Locked)
Applying for a city business tax receipt5m 47s
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(Locked)
Applying for a county business tax receipt2m 37s
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(Locked)
Understanding tax election for LLCs5m 30s
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(Locked)
Applying for an Employer Identification Number (EIN)4m 5s
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(Locked)
Opening a business bank account1m 58s
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(Locked)
Understanding state tax obligations57s
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(Locked)
Understanding federal tax obligations2m 2s
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(Locked)
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