EIN, TIN, DoR! These are just a few nuggets of information provided by Ms. Katie Elliott to the CEO class on 10 Feb. Katie is directly involved in the management of ProMark business in Linton but before that she worked for the Indiana State Board of Accounts for over 15 years. The students are currently working on their detailed business plan associated with their business to be presented at the trade show later this semester. It was suggested by Ms. Amy Tarr of Midland Institute to have an accountant meet with the class and Katie met that criteria. To establish a business Katie described the information needed and how to obtain that information, such as an Employee Identification Number (EIN) or Taxpayer Identification Number (TIN) from the Federal IRS website. The state of Indiana requires businesses to obtain a business certificate from the IN office of Secretary of State and a state sales tax number from the IN Department of Revenue. If the business provides a service, no sales tax is required but if the business provides a product, then sales tax needs to be paid for products sold. Katie also discussed different types of business structures, e.g. sole proprietorship, using the persons social security number for tracking, or a Limited Liability Company (LLC) where the business is established separate from the individual. She also talked about basic accounting principles and the need to keep detailed records. There was good interaction between Katie and the students as the students continue to work on their business plans.


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Are you a hardworking, trustworthy, and motivated student in the class of 2021 or 2022 who lives in Greene County or attends a Greene County School? We'd invite you to consider our ...
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Are you a hardworking, trustworthy, and motivated student in the class of 2021 or 2022 who lives in Greene County or attends a Greene County School? We'd invite you to consider our ...

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