Tax ID Or Business License?
My partner and I are just getting started, in the process of doing a SS now. We have created a business name, and will probably be opening a Home Depot (we deal with rehabs) as well as an amex blue biz card account. We also want to open a buziness checking account. I realize that the business license and the tax ID are seperate things, but which do we need for what we are trying to do...that is, part time REI with a joint partnership..... We will probably setup a LLC pretty soon (within 6 months) Any advice?
Thanks in advance.
You may need both. The tax ID is for your federal tax return. The business license requirements are generally established by your local county or municipal jurisdiction.