When signing up for Point of Sale, you are asked to provide your Legal Business Name, Business Type and Tax ID. This is to establish your business as a reputable source in the event that you send text messages to your customers through the application.
Business detail requirements
- Legal Business Name- A company's Legal Business Name is going to be the same name associated with tax forms, paychecks and bank statements. For example your DBA or Company Name may go by 'Curly Carly's Cuts' on social media or referral, but your Legal Business Name may be 'Curl Enterprises, LLC.'
- Business Type -The business type is how you register your company with the government. Here are the options to select from:
- Sole Proprietor / Individual - A sole proprietor is someone who owns an unincorporated business by himself or herself. Often times, this is a booth renter or a studio rental.
- Limited Liability Corporation - Limited liability companies (LLC) are defined as a type of business structure where owners of the LLC are called “members” and are partners in a business entity with all the protection of a corporation plus the ability to pass through any business profits and losses to their personal income tax return.
- Corporation - A corporation is when prospective shareholders exchange money, property, or both, for the corporation's capital stock.
- Partnership - A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.
- Outside of the USA or CAN / N/A - Choose this option if you are located outside of the USA or Canada.
- Business Tax ID - Input your Business Tax ID / EIN into this field and your business is located in the United States or Canada.
What if I'm a Sole Proprietor / Individual in the US and I do not have a Business Tax ID?
Some industries, such as the beauty, spa, wellness and fitness industries, are considered self-employed and do not have a Business Tax ID. In this case, please select Sole Proprietor / Individual and do not input a Business Tax ID. Please do not enter a personal social security number in this field.
Comments
0 comments
Article is closed for comments.