Anyone here have any experience with opening a sole proprietorship business? If you are running it yourself, did you get an Employee Identification # anyways? From what I am reading, it is not required but recommended for opening business bank account. What about permits and licenses? Anyone opened any type of single owner business (online selling) what has your experience been? Any pointers?
Any advice regarding docs needed for taxation purposes?
Re: Sole Proprietorship
ooo, I have been wanting to know the same - about personal experiences with a sole proprietorship. I have a S-corp and geez the taxes kill me lol - to which my tax lady tells me that at the end of the day I will be paying the same whether I switch to sole prop or stay with corp. Well, I highly doubt hmph
Once you register your business, they assign you an EIN, permit and licenses depends on the nature of your business. I have an apparel thing and did not require any permits for the online store but now that I am planning on a physical store - I apparently need a license.
Re: Sole Proprietorship
I registered the trademark and have not received an EIN. I was given contact info to get TAX ID, and also how to register the business for tax purposes. Although I don't think I will need a permit, the guy I spoke to said you might need it for home based business. I hate that every time I call the state's 1-800 number, due to call volume I need to call back. Jeez.
Sole Proprietorship
When I registered my property management business as a sole proprietorship, I got an EIN, and opened up my business bank account, but because I do not actually sell anything for profit and only provide a service, I didn't need an actual Tax ID
Re: Sole Proprietorship
That's what I thought, I should have gotten the EIN then. Will be calling them up today as state office was closed early and then totally off yesterday due to snowstorm. I guess I may have to pay another visit, if I can not get through on the phone. Thanks guys.