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| Starting a(n) Horse Racing Business Licenses & Tax IDs |
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Hi, I'm How To Get An Llc
Horse Racing
We are a horse racing stable located in Fairhill Maryland. However, we need to have a Wilmington tax id number as one of our employees is a resident there. can you help me?
Answer: Hi Lindiwe, Here is How To Get An Llc. It is both exciting and frustrating when starting a HorseRacing retail sales bu..., . |
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| We are a horse racing stable located in Fairhill Maryland. However, we need to have a Wilmington tax id number as one of our employees is a resident there. can you help me?
Answer: Hi Lindiwe, Here is How To Get An LLC
. It is both exciting and frustrating when starting a HorseRacing retail sales business because there is uncertainty about the correct licensing, which is the following: Horse Racing Services sales by nature, are subject to retail sales tax so you also need a seller's permit, which is the same as a wholesale license.
Because you are using a fictitious business name, namely, " Lindiwe," so you need to file a dba, form an LLC
, or set up a corporation so the name can be registered. Because you use both an LLC
and a " corp," suffix, you may want to select one and register as an LLC
or Corporation.
Since you say that you have 1 employee, you need both a federal EIN and a State EIN.
Finally, all businesses are required to get a business license, so you need to get one too.
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You can choose to be a(n) Horse Racing :
- Sole Proprietor,
- LLC,
- Corporation or
- Partnership.
After you decide and select your business entity, you need licensing.
La Grange 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) Horse Racing business using a fictitious business name in
Oldham 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)
Horse Racing
business and you name it "Superior
Horse Racing
Group". You will need to file a fictitious business name for that name.
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In addition note that in
KY
you may also need a seller's permit if you sell merchandise that is taxable.
(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 KY Federal Tax Id Number ($29) and a(n) KY State Employer Tax Number
Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in
La Grange, Incorporate in KY or form a(n) KY LLC .
You have a choice to file a DBA or form an LLC or incorporate.
There is a cicrcumstance that you may not need to register a trade name and that is when you use your full name as a business name if you use your full legal name as a trade 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 Sole Proprietorship llc or incorporate (about $49 plus state fees for most states) your Horse Racing 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 La Grange business name.
Instead of just registering your Oldham County assumed business name (our fee includes assumed business name registration and legal newspaper publication) you can choose to setup a corporation in
KY or form an KY 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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