Partership EIN#?

Hi,

Does anyone know if we really need an employment ID #? The Sec. of State site suggests it if you answer yes to any of the questions, one being a partnership, but seems to be a bit vague. Of course that could be me trying to wade through all this stuff to get our authority too. My son and I are going into partnership with our truck. Anyone else run into this?


Thanks

 

This thread: http://www.thetruckersreport.com/tr...-operator/13608-so-you-want-own-your-own.html has a LOT of good info in there. Does that help?

 

Thank you, I put it under the wrong post!

 

I can't find this question or answer on this so here goes:
My son and I are going into a partnership together with our truck. On the Sec. of State website it suggests we get an Employer Identification Number. This may be helpful in the future because we're in hopes of adding some trucks to haul grain, etc here locally. Does anyone know about this and have any info on what it may do taxwise etc.

Thanks

 

I was an owner-operator 1973-82, and had an employer ID number for the purpose of paying the Federal Highway Use Tax.

 

So really it wont matter that much on taxes either way unless we do end up having to hire someone (even if one of us gets sick, etc.) to go ahead and go with it from the sounds of it? Im not good with bookwork, accounting, secretary stuff and is most likely why I drive trucks!

 

I would just go ahead and get one. It is a simple form to fill out(can be done online)and doesn't cost anything. You can have an EIN# and not use it, so it wouldn't hurt anything to get one "just in case".

 

OK, Thank you

 

It can be helpful in lots of ways... what I like about it is when you get a new vechile (personal) you pay NO SALES TAX!! As long as it is 26,000 beyond local tags!! IF you are incorp. and have icc# all that good stuff! Good to have.... good luck! MG

 

1. A partnership is required to have an EIN. You can get this from the
IRS website.
2. I would consult with an attorney on liability issues. A LLC may be
in your best interest.


Also, in Illinois, weight is not a factor in the no sales tax issue. The vehicle can be owed by a sole proprietor and weigh as little as 10,000 lbs.
The key to no tax is ICC. This allows for all parts, tires and etc. to have no tax paid. It is also up to the owner to prove where the miles are driven if checked by the state.