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LucnetSolutions
Joined: 22 Apr 2006
Posts: 30
Location: Alabama
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 Posted: Fri Apr 28, 2006 12:31 am Post subject: When should you get a tax ID? |
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I have heard different people getting a a tax ID at the beginning of a new business and I have heard of some doing it later on in to there business. Maybe like a year or so in to it.
Do you have to get one starting off?
Is there pro and cons to getting one?
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iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
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| Posted: Fri Apr 28, 2006 12:47 am Post subject: Re: When should you get a tax ID? |
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| LucnetSolutions wrote: |
Do you have to get one starting off?
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You do not have to have one to start a business. It is not a requirement technically speaking, although you kind of have to have one once you start operating your business. For example, you need Tax ID number/EIN in order to open up a business bank account.
| LucnetSolutions wrote: |
Is there pro and cons to getting one? |
I don't think that it's a matter of pros and cons because you need to have one soon after you start operating your business officially. Also if you form a C-Corporation or form S-Corporation or LCC and decide to pay tax as a corporation, then you can't just use your social security number/personal Tax ID number to file tax. So getting EIN becomes necessary.
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LucnetSolutions
Joined: 22 Apr 2006
Posts: 30
Location: Alabama
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| Posted: Sat Apr 29, 2006 4:20 pm Post subject: |
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ok, I see what you are saying. Thanks for the input.
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