Federal and State ID #s help

Discussion in 'Starting a Lawn Care Business' started by Portmax29, Oct 31, 2007.

  1. Portmax29

    Portmax29 LawnSite Member
    Messages: 45

    Hello all, wanted to start off saying this is a great site and i have learned a great deal from it already. I was wondering if you someone could help me out with some questions i have about the federal and state ID #s. This morning i went and put the application to get my license. The next thing on the list is my insurance. The question is, can i sign up right now and get my federal ID # and state ID # even though I'm still waiting for my application to go through for the business license? Do i need to have both right now or do i just need the federal ID #? I don't have anyone working for me yet and don't plan on it for awhile. I know this is prob a stupid question but whats LLC mean? Thanks
  2. Wells

    Wells LawnSite Member
    from SLC UT
    Messages: 0

    "Limited Liability Company"

    Pulled the following info from another site:
    Benefits of Incorporating & LLC Formation
    Corporations and LLCs are separate legal entities that enjoy certain protections under the law and important benefits.

    Reduce your personal liability. If you operate as a sole proprietorship or general partnership, you're personally responsible for any business debts or lawsuits against your business. Basically, almost anything you own can be at risk. But owners of corporations maintain separate business and personal identities. So if you're incorporated, your personal assets are protected from any liability incurred by your business.
  3. Portmax29

    Portmax29 LawnSite Member
    Messages: 45

    Thanks Wells. How many of you have filed for LLC? Do any of you have LLP? What are the pros and cons? sorry for the questions, this is my first time hearing about this stuff.

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