Join Martha Garzon for an in-depth discussion in this video Understanding state tax obligations, part of Running a Web Design Business: Defining Your Business Structure.
…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.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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