cl10Greg
02-19-2015, 12:04 PM
Hello everyone,
New business owner here. This company is a side project between myself and two of my friends. We're working toward product and service type business. I have a background in electrical engineering, another owner is an aviation technician and knows about mechanical aspects, and the last owner is management background. So we filled as an LLC and everything has been moving along as you expect a side project would. We're starting to get there but we have run across a few questions while doing this that I am having a hard to finding answers to (I do all the paperwork).
Do we need to file for a sales tax license?
Do we apply sales taxes based on services (component repair, software design, etc...)?
One owner lives out of state, do we need to do flow witholding on said sales tax?
Do we not need a license and just claim it all through the LLC structure at the end of the year?
We're prepping to do our first project (it's a service to rebuild some parts for a company and to test them) so the soon the better on these. In the meantime, I did apply for a sales tax license through Michigan one stop business but I am not sure if that was the right approach. Thoughts and comments are appreciated.
New business owner here. This company is a side project between myself and two of my friends. We're working toward product and service type business. I have a background in electrical engineering, another owner is an aviation technician and knows about mechanical aspects, and the last owner is management background. So we filled as an LLC and everything has been moving along as you expect a side project would. We're starting to get there but we have run across a few questions while doing this that I am having a hard to finding answers to (I do all the paperwork).
Do we need to file for a sales tax license?
Do we apply sales taxes based on services (component repair, software design, etc...)?
One owner lives out of state, do we need to do flow witholding on said sales tax?
Do we not need a license and just claim it all through the LLC structure at the end of the year?
We're prepping to do our first project (it's a service to rebuild some parts for a company and to test them) so the soon the better on these. In the meantime, I did apply for a sales tax license through Michigan one stop business but I am not sure if that was the right approach. Thoughts and comments are appreciated.