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| Starting a(n) Contracting Business Licenses & Tax IDs |
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Hi, I'm Connie fees 19150
I'm offering a flooring and contracting services.. building a home and needs to get his LLC and Business License . what all do I need?
A: Hi Connie, starting your contracting business requires the registration of the LLC as well as other licensing, which is discussed below:
First thing to co..., Connie. |
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Hi, I'm Grant Buisness LLC
, Grant. |
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| | | | | Contracting
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| I'm offering a flooring and contracting services.. building a home and needs to get his LLC
and business license. what all do I need?
A: Hi Connie, starting your contracting business requires the registration of the LLC
as well as other licensing, which is discussed below:
First thing to consider is a business license. This license is required by all businesses because a government authorizes it after certain conditions are met such as a health or hygiene ones.
For example, contracting business from home it may require a home occupation permit.
The other license pertinent to contracting is a seller's permit, which includes a resale certificate that you have to fill out, sign and fax or email to the wholesaler of construction materials so you can prove to the wholesaler that you have a resale ID number.
So, for instance, if you buy a bathroom sink to install it, you can buy it without incurring sales tax. So you will have to charge a price when you install it plus sales tax. For example, you sell it @ $100 to a client, you will need to charge him $100 plus about 8% sales tax ($8).
Since you are interested in setting up an LLC
, you will need an LLC
articles of organization certificate as well as an LLC
operating agreement (included in the LLC
price starting at $49 plus state fees) because the latter sets out information such as who the owner of the LLC
is.
Finally, if you are or will become an employer, you will have to obtain 2 tax IDs: a federal EIN and a State EIN. The Federal EIN is also serves as an ID for your LLC
.
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1. SELECT LLC, DBA, CORP
From sole propr., WY LLC, WY partneship or WY Corp.: Each requires an entity certificate filing.
2. TAX IDs - PERMITS
All
Services
businesses/entities need a business license and an EIN.
3.
WY STATE SALES TAX ID.
Selling/Buying wholesale or retail
requires a WY seller's permit.
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You can choose to be a(n) :
- Sole Proprietor,
- LLC,
- Corporation or
- Partnership.
After you decide and select your business entity, you need licensing.
Lovell Business Tax Registration (
Business License)
All businesses including home, online or mobile BUSINESS need a BUSINESS license because they are BUSINESSES.
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A(n) business doing business under an assumed business name in
Big Horn County
i.e. you are a business that uses a DBA doing business as trade name to trade that is other than the full legal (first and last -- full name) name of a sole proprietor or a name other than the LLC or Corporation business name need a(n)
assumed business name certificate.
E.g. you venture into a(n)
business and you give it a trade name such as "Excellence
& Associates". You will need to register an assumed business name certificate.
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In
WY
you need a resale ID ( AKA seller's permit) if you selling touchable items.
(A.K.A state id, wholesale, resale,
reseller certificate, about $39 for most states).
Seller's Permit
Note: All businesses need a federal tax ID number except sole proprietors that are not employers and are not independent contractors.
An independent contractor is a self employed business person that receives more than $600 per year from anyone of his or her clients.
IRS rule: The client must issue a 1099 form to the independent contractor and the independent contractor must have a federal tax ID.
However, even sole owners may obtain a federal ID and use it as a business tax ID instead of using their own social security number as a
business tax ID number.
However, all other licenses that apply to sole proprietors as discussed here are requited regardless of getting
a federal tax ID number.
In addition you will need a federal and a state EIN if you will hire employees.
I.e., a WY Federal Tax Id Number ($29) and a(n) WY State Employer Tax Number
Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in
Lovell, Incorporate in WY or form a(n) WY LLC .
Filing a DBA is not required if you will set up an LLC or form a Corporation.
If you will do business under your first and last legal name you will not need to get a fictitious business name.
Also note that even using your first and last name may not help you avoid filing a DBA if the name has a suffix such as "& sons" etc.
If you do form an Services llc or incorporate (about $49 plus state fees for most states) your business instead of just filing a fictitious business name (dba),
that insurs that you don't have personal liability for debts and civile liabililty arising from your business dealings and you will not have to record the Lovell business name.
In lieu of recording a Big Horn County trade company name (our filing service fee includes trade name registration and newspaper legal publication for 4 weeks) you can also form a corporation in
WY or form an WY LLC (starts @ $49 plus state fee for most states & includes bylaws for the corporation and Limited Liability operating agreement for the LLC that is required to open a business bank account). .
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