Join Dana Robinson for an in-depth discussion in this video Establishing an IRS tax ID, part of Setting Up Your Small Business as a Legal Entity.
- What are the tax filings that you need…to take care of with the IRS?…There are generally one or two…required filings with the IRS.…The federal tax identification, or tax ID,…sometimes called the TIN, tax identification number,…is a required form in order to open…a bank account and file taxes.…Thus all entities must obtain a tax ID number.…How do you get a tax ID number?…So the vital document that you need to complete…in order to finish your corporation and have legal existence…is the federal tax identification number.…
A bank will not open a corporate account until a tax ID…is filed and the tax ID number has been issued.…This can be done online in a matter…of minutes at the IRS website.…They have an online application.…The IRS website for filing the tax identification…can be found by Googling "tax ID."…Once complete, the company has its…very own tax identification number.…The equivalent of what we might call…a social security number for the company.…And then it can open bank accounts…and transact business in its own name,…
DISCLAIMER: This course is taught by an attorney and addresses US law concepts that may not apply in all countries. Neither LInkedIn nor the attorney teaching the course represents you and they are not giving legal advice. The information conveyed through this course is akin to a college or law school course; it is not intended to give legal advice, but instead to communicate basic information to help viewers understand the basics of intellectual property.
- What is a sole proprietorship?
- Understanding corporate entities
- Exploring corporations and LLCs
- Choosing a corporate entity
- Creating an operating agreement
- Exploring incorporating examples
- Establishing an IRS tax ID