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| Starting a(n) BOOKKEEPING Business Licenses & Tax IDs |
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Hi, I'm Wyatt Bookkeeping
Bookkeeping
| 20817 Bookkeeping Wyatt We Trust Bookkeeping Home Business 3818 Bookkeeping 0 Bethesda MD |
, Wyatt. |
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| | | | | BOOKKEEPING
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You can choose to be a(n) Bookkeeping :
- Sole Proprietor,
- LLC,
- Corporation or
- Partnership.
After you decide and select your business entity, you need licensing.
Bethesda 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) Bookkeeping business using a fictitious business name in
Montgomery County
i.e. you are a business with a trade name other than the owner's legal (full name) name are required to get a(n)
fictitious business name.
For instance you open a(n)
Bookkeeping
business and you name it "Superior
Bookkeeping
Group". You will need to file a fictitious business name for that name.
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In
MD
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.
Also keep in mind that employers will need to obtain a federal EIN and a State EIN tax identificattion number.
I.e., a MD Federal Tax Id Number ($29) and a(n) MD State Employer Tax Number
Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in
Bethesda, Incorporate in MD or form a(n) MD LLC .
You have a choice to file a DBA or form an LLC or incorporate.
If you will do business under your first and last legal name you will not need to get a fictitious business name.
Using any language that connotes additional owners in the name of the business makes filing a fictitious business name mandatory.
If you do form an Home Business llc or incorporate (about $49 plus state fees for most states) your Bookkeeping business instead of just filing a fictitious business name (dba),
it will help you avoid personal liability from wrongs arising from your business dealings and you will not have to file the Bethesda business name.
In lieu of recording a Montgomery 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
MD or form an MD LLC (starts @ $49 plus state fee for most states & includes required documents such as bylaws for the corporation and Limited Liability operating agreement for the LLC). .
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