Q: Do assumed business names need an EIN? I raise livestock to work the land, not to sell, and I want a tax exemption for the farm.
A: No. An EIN belongs to the owner or the entity, not the name, but a farm with employees needs one. Here is what a farm in Galata, MT needs:1. EIN for payroll2. Assumed business name if you use a farm name3. Livestock brand registration4. Agricultural classification for your land's property taxes5. Payroll accounts and workers' compensation for employees
A: No. An EIN belongs to the owner or the entity, not the name, but a farm with employees needs one. Here is what a farm in Galata, MT needs: 1. EIN for payroll 2. Assumed business name if you use a farm name 3. Livestock brand registration 4. Agricultural classification for your land's property taxes 5. Payroll accounts and workers' compensation for employees
Q: Do I need a license to raise livestock, or just a tax exemption for the farm?
A: Raising animals usually doesn't require a license. A farm business usually needs:1. EIN once you have employees2. Livestock brand registration where required3. Agricultural tax exemptions and land classification4. Food safety licensing for direct sales of meat, eggs, or dairy5. Assumed name filing for a farm name