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LLC Establishment in MD - Taxes
Hello BP! I hope all is well! I have 2 questions I'd like to ask as I am trying to establish my LLC. I have been approved for my LLC in the state of Maryland and need to file for an EIN# and license and tax accounts. What should I choose for tax purposes or how should my LLC be setup? I am a single member LLC that plans to wholesale and fix and flip. Please see the options below. Thanks in advance for all of your help.
- Sales and Use Tax
- Use Tax Payment Only
- Employer Withholding Tax aCCOUNT
- Unemployment Insurance
- Transient Vendor License
As I was applying for an EIN, the below options appeared. Which should I select from the highlighted options? My initial thought was for banking purposes only, but I see many private lenders/hard money lenders require it and I don't know if that changes anything...
Most Popular Reply
When I was applying for an EIN, I selected "started a new business". While "banking purposes" was also correct, the first option also indicated that this was a new entity. Once you have the EIN, it will not matter to banks/lenders which option you selected.