CategoryStarting a Business

Does a Trust Need a Tax ID Number?

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11 EAST FAQ ENTITY TRUST What is an Irrevocable-Trust IRS Definition of a Trust

Whether a trust needs a tax ID number depends on the type of trust. A trust account that is “revocable” is still an account that can be controlled by the original grantor of the trust. Consequently, it’s going to be filed under the grantor’s own social security number or individual taxpayer identification number. If the trust is irrevocable, on the other hand, it’s a...

What is an Irrevocable Trust? | IRS Definition of a Trust

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10 EAST FAQ ENTITY TR What is an Irrevocable Trust IRS Definition of a Trust

An irrevocable trust is a special type of account that holds assets that are given by a grantor. The trust account will hold these assets either indefinitely or under specific terms set out in the trust, generally to the benefit of a specific beneficiary such as a relative or a charity. The trust account is an entirely separate entity to the grantor and the beneficiary, and consequently requires...

What is a Revocable Trust? | IRS Definition of a Trust

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TRUST What is a Revocable Trust IRS Definition of a Trust

A revocable trust is a trust that is created under an agreement that can be changed. When opening the trust, a grantor (or grantors) will place assets in the trust for the benefits of a beneficiary. The trust will pay out under terms that the grantor has stated and the beneficiary only has the amount of control over the trust that the grantor grants. At any time, the trust can be dissolved by the...

Does a Trust Need a Tax ID (EIN)?

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Trust accounts are designed to transfer wealth from a grantor to a beneficiary. There are many types of trust. Whether a trust needs a tax ID depends on the type of trust it is. A revocable, living trust remains under control of the grantor of the trust, and because of this it doesn’t need a tax ID. Instead, the trust will use the same tax ID as the grantor. On the other hand, if the trust...

Single-Member LLC vs Multi-Member LLC | What is the Difference?

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Short for limited liability company, an LLC is a legal business structure, established by state laws. If you’re on your own, you can start a single-member LLC, but if you have partners, you need a multi-member LLC. These two options offer a range of different pros and cons. Keep in mind that not all types of LLCs need to obtain a Tax ID Number. To help you decide between a single and multi...

Obtain a Tax ID (EIN) Number for a Restaurant | Apply Online

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When you run a restaurant, you’re busy writing menus, perfecting dishes, supervising staff, keeping customers happy, and juggling countless other tasks. On top of that long to-do list, you also have to manage your restaurant’s tax and banking needs, and generally, you need a tax ID called an Employer Identification Number (EIN) to handle everything. Wondering what is a tax ID (EIN)...

Louisiana Tax ID Online Application | How to Apply for a Tax ID (EIN) Online

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Is your business in need of a tax ID number? If you’ve recently started a business in Louisiana, you’ll probably end up needing one. Fortunately, the process for obtaining a tax ID number is simple and quick (if you’re doing it online). Most business entities, like LLCs and corporations, will need a tax ID, also known as an EIN, to operate legally. In this guide, you’ll learn what conditions...

Indiana Tax ID Online Application | How to Apply for a Tax ID (EIN) Online

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Looking to apply for a tax ID (EIN) for your Indiana business? Like most business owners, you probably need a tax ID for your business. There are many types of business entities you could create, including corporations, nonprofits, limited liability companies (LLCs), and more, and most of these will require a tax ID by default. Knowing the best way to apply for a tax ID can save you time, reduce...

Choosing a business structure

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Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. While you may convert to a...

Business Startup Checklist

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When you’re starting a business, there are seemingly endless things to do and a myriad of hats to wear. From branding strategy to tech tasks to legal hurdles, the things to check of your starting a business checklist can seem like they require a whole team of multi-faceted talent. Even if you’re in it alone—as many new business owners often are, starting a business isn’t an impossible feat...