You must apply for a DBA (Doing Business As) license in Maine if you intend to conduct business there under a name other than your own or your company’s legal name. This applies to businesses that want to use a name other than their legal name, such as sole proprietorships, partnerships, and corporations. It’s easy to register a DBA in Maine, and you can do it online at the Secretary of State’s website. In Maine, registering a DBA costs $25.
A unique nine-digit number called an EIN (Employer Identification Number) is given to firms by the IRS for tax-related reasons. The IRS does not charge anything for EINs. On the other hand, for a cost, some businesses offer to apply for an EIN on their behalf. It is significant to remember that these businesses might impose arbitrary fees and are unrelated to the IRS. An EIN can be obtained by businesses in Maine straight from the IRS website.
Businesses in Maine are required to submit quarterly estimated tax payments if their yearly anticipated tax amount is $1,000 or higher. On April 15th, June 15th, September 15th, and January 15th of the following year, these quarterly payments are due. Businesses in Maine have two options for making these payments: online through the Maine Revenue Services website or by mailing a check to them.
There is a $175 filing cost to form an LLC (Limited Liability Company) in Maine. The website of the Secretary of State accepts online payments for this fee. A yearly report must also be submitted by companies in Maine to the Secretary of State’s office. The $85 filing fee for annual reports can also be made online.
Businesses in Maine that sell physical items are required to have a sellers permit, sometimes referred to as a sales tax permit. Businesses must register with the Maine Revenue Services and supply details including their firm name, address, and federal tax ID number in order to receive a sellers permit in Maine. In Maine, there is no fee to get a sales permit. Businesses must collect and submit sales tax on taxable goods sold in Maine once they have registered.
In conclusion, you must apply for a DBA if you intend to conduct business in Maine under a name other than your legal name. Businesses in Maine must submit quarterly tax payments if their estimated tax due for the year is $1,000 or more, and obtaining an EIN from the IRS is free. Businesses in Maine must file an annual report with the Secretary of State’s office and pay a filing fee of $175 to form an LLC. The Maine Revenue Services must issue a sellers permit to companies operating in Maine that sell tangible products.
In a sole proprietorship, there is no formal separation between the owner and the company; instead, one person owns and runs the business. The business debts and responsibilities are personally responsible to the owner, and the business income is declared on the owner’s personal tax return.