If I’m starting an online wireless business, what type of tax ID is required?
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If I’m starting an online wireless business, what type of tax ID is required?
Can I form an LLC for a new online business? Should I form the LLC before the business has even started, before I have a tax id? I need a tax ID to get started so which one should I have and how do I obtain one?
Asked on September 5, 2015 under Business Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Yes, you not only can but should form the LLC before starting the business, since anything you do before having the LLC will not be subject to the liability protection of having an LLC. If you form an LLC, you will get a tax ID a/k/a employer ID number which you can use for all relevant purposes e.g. taxes. Go the website for the NJ Department of State, also called the "New Jersey Business Portal," I believe, and you can set up the LLC online in about 25 - 50 minutes of your time for a cost of approximately $500, possibly less. Doing so will, as touched on above, then give you considerable protection from business related debts or obligations.
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