The Internal Revenue Service (IRS) uses tax identification numbers (TIN) and employer identification numbers (EIN) to identify businesses and people for tax reasons. They are not the same thing, though. Any number used to identify a taxpayer, such as an EIN, an ITIN, or a social security number (SSN), is referred to as a “TIN” in general. In contrast, an EIN is a particular kind of TIN that businesses use to submit their tax data to the IRS.
Each firm, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs), is given a nine-digit EIN number by the IRS. When filing tax returns, paying employment taxes, or creating a business bank account, it is used to identify the business for tax purposes. Businesses can submit an online application for an EIN on the IRS website, a completed Form SS-4 by mail, or a completed Form SS-4 by fax.
In addition to paying federal taxes, Indiana residents who own businesses must also pay state taxes. Sales tax, income tax, and withholding tax are among the several taxes that are collected by the Indiana Department of Revenue (DOR). You can file online utilizing the INtax system to pay your Indiana taxes, allowing you to file and pay all of your taxes in one spot. Alternatively, you can file and pay in person at a DOR office or by mail.
The Indiana Secretary of State’s office must receive your business name registration if you are opening a new company there. On the Secretary of State’s website, you can use the Indiana Business Entity Search tool to look up available company names. By submitting Articles of Incorporation or Articles of Organization for an LLC, you can register a name if it is accessible. If the name isn’t available, you’ll have to pick another.
In Indiana, having a registered agent is a requirement for business owners. This person is tasked with receiving legal paperwork on your behalf. You have the option of acting as your own registered agent in addition to using a registered agent service. However, keep in mind that doing so would result in your home address being published as your company’s registered address, which may not be ideal for privacy concerns. Your name and address must appear on your business registration forms if you decide to serve as your own registered agent.
In conclusion, TINs and EINs are not interchangeable, despite the IRS using both to identify taxpayers. In Indiana, you must register your business name with the Secretary of State’s office and pay state taxes in addition to federal taxes. You are permitted to serve as your own registered agent, but you should be aware of the potential privacy risks.