New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
Hello, I am starting an online business in Georgia. What would be the best way to set this up as a sole ownership?
Betty,
When you register an LLC with one owner, the IRS will by default classify the business as a disregarded entity/sole-proprietorship. You would need to have the company registered with the state, and obtain a federal EIN for the business. (It is also highly suggested to get an Operating Agreement as well). You can click here to learn more about how to register an LLC in Georgia.
Please keep in mind, if you would be selling products, or purchasing any supplies in wholesale, you would also need to apply for a Georgia state sales/use tax, also commonly referred to as a reseller’s permit. You will see this option under the state and federal licensing section of the application.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
