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is making corporation same thing as registaring business?

Discussion in 'Business & Tax Advice' started by TroubleTimes, Jun 21, 2012.

  1. TroubleTimes

    TroubleTimes Registered Member

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    Hello, I am going to file for small business corporation . it is costing me $281 is filing fees. I have a dumb question. does this gets me business licsence?
    Is registrating business difefrent than getting licsence or same thing. Thank you
     
  2. PartyNeon

    PartyNeon Regular Member Premium Member

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    Depends. Usually if you register an LLC or C-Corp you have full business rights. However, in the United States you need to file for your TID number in order to open a bank account. Once you have an active bank account, you will have full rights to conduct commerce. Usually, you need a merchant account for online sales.
     
  3. TroubleTimes

    TroubleTimes Registered Member

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    i am going for S corp.
     
  4. TroubleTimes

    TroubleTimes Registered Member

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    what is a merchant account?
     
  5. aamizan

    aamizan Newbie

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    For an S Corp you will need to be a US Citizens or Permanent Resident.
    Otherwise, you will not get the S Corp selection approved by the IRS.

    You can own and operate a business in the US as an LLC or as a sole proprietor. No need to form a corporation unless you have a specific reason.

    I do those all the time for clients. If you have any questions or need help filing the paperwork, I can help.
     
  6. leonardodv

    leonardodv Junior Member

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    defintely you need to pay for a yearly business license fee in USA, unless your business type does not require a license.
     
  7. hawgbert

    hawgbert Jr. VIP Jr. VIP Premium Member

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    Not to further complicate matters, but you may also be required to obtain a license from the city or county in which you'll be located. In my state (Florida), you register your business with the State, request a EIN (Employer Identification Number) from the IRS if you need to make a corporation, and use the EIN to open bank accounts, etc.
     
  8. flexpaydude

    flexpaydude Regular Member

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    You may want check if your product/service requires you to collect state sales tax, as well. Bounce it off your cpa if you have one.