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| Starting a(n) Pychic Business Licenses & Tax IDs |
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Hi, I'm Diego Medium Psychic
Pychic
Question:
Answer: ..., Diego. |
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| | | | | Pychic
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You can choose to be a(n) Pychic :
- Sole Proprietor,
- LLC,
- Corporation or
- Partnership.
After you decide and select your business entity, you need licensing.
Beaver 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) Pychic business doing business under an assumed business name in
Carroll 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)
assumed business name certificate.
E.g. you venture into a(n)
Pychic
business and you give it a trade name such as "Excellence
Pychic
& Associates". You will need to register an assumed business name certificate.
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In addition note that in
AR
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.
In addition you will need a federal and a state EIN if you will hire employees.
I.e., a AR Federal Tax Id Number ($29) and a(n) AR State Employer Tax Number
Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in
Beaver, Incorporate in AR or form a(n) AR 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.
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 Internet Business llc or incorporate (about $49 plus state fees for most states) your Pychic 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 Beaver business name.
Instead of just registering your Carroll County assumed business name (our fee includes assumed business name registration and legal newspaper publication) you can choose to setup a corporation in
AR or form an AR 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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