99% of new businesses are required to get a(n) , Florence business tax id registration (business license).
Businesses with an trade firm name other than the owner's legal name are required to get a(n) Florence County DBA ( doing business as ) fictitious business name.
On the other hand you may also need a sales tax ID AKA seller's permit if you sell merchandise that is taxable. (A.K.A SCseller's permit, state id, wholesale, resale, reseller certificate).
In addition you will need a federal and a state EIN if you will hire employees. I.e., a SC Federal Tax Id Number and a(n) SC State Employer Tax Number
Instead of filing a fictitious business name DBA Filing in Florence, Incorporate in SC or form a(n) SC LLC
FIRST STEP: Make sure you get related tools such as specific equipment . SECOND STEP: I am planning to hire employees and want a stategy to reduce small business taxes employment taxes. find where your Florence business location (you home can be a business location). THIRD STEP: Obtain tax ID number(s) and licenses. Here is the minimum registrations you need: If you want to improve your business income set up a corporate entity such as a corporation or LLC. It will look better than a sole ownership and or a general partnership. There are two requirements for a partnership. One is that you need to register a fictitious business name and the other that you will have to apply for a federal tax ID number. This is because you need to identify the partnership with a different name and obtain its own business tax ID. Perhaps the sole way of avoiding lawsuits and creditors after your assets such as your home and automobile is to form an LLC or incorporate. Some tips for reducing your self employment tax among others is to form an S corporation. Then pay yourself in dividents instead of salary because salary is subject to tax but dividents are not. Not Sure What Tax ID You Need? Not Sure What Tax ID You Need? Take Our Free Short Quiz to Find Out Now! Take The Quiz Now!