| Starting a(n) Jewlery Business Licenses & Tax IDs |
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Hi, I'm 27559
Jewlery
| Jewlery, Sell direct to stores,from home |
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Hi, I'm Tam Purchasing Wholesale Products From Different State
Jewlery
Purchasing Wholesale Products From Different State
Q: I want to Sell women's shoes and jewelry online. I would also like to purchase products from the wholesale market what do i need?
A: You will need a wholesale license also called a Selle's permit for the state your business is located..., Tam. |
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You can choose to be a(n) Jewlery :
- Sole Proprietor,
- LLC,
- Corporation or
- Partnership.
After you decide and select your business entity, you need licensing.
Moncure Business Tax Registration (
JewleryBusiness License)
All businesses including home, online or mobile BUSINESS need a BUSINESS license because they are BUSINESSES.
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A(n) Jewlery business using a fictitious business name in
Chatham County
i.e. you are a business that uses a DBA doing business as trade name to trade that is other than the full legal (first and last -- full name) name of a sole proprietor or a name other than the LLC or Corporation business name need a(n)
fictitious business name.
For instance you open a(n)
Jewlery
business and you name it "Superior
Jewlery
Group". You will need to file a fictitious business name for that name.
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In
NC
Jewlery
you need a resale ID ( AKA seller's permit) if you selling touchable items.
(A.K.A state id, wholesale, resale,
reseller certificate, about $39 for most states). You will need it if you sell or want to buy wholesale any Jewlery related items, such as food, materials, or merchandise.
Seller's Permit
Note: All businesses need a federal tax ID number except sole proprietors that are not employers and are not independent contractors.
An independent contractor is a self employed business person that receives more than $600 per year from anyone of his or her clients.
IRS rule: The client must issue a 1099 form to the independent contractor and the independent contractor must have a federal tax ID.
However, even sole owners may obtain a federal ID and use it as a business tax ID instead of using their own social security number as a
business tax ID number.
However, all other licenses that apply to sole proprietors as discussed here are requited regardless of getting
a federal tax ID number.
Also keep in mind that employers will need to obtain a federal EIN and a State EIN tax identificattion number.
I.e., a NC Federal Tax Id Number ($29)
and a(n) NC State Employer Tax Number
Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in
Moncure, Incorporate in NC or
form a(n) NC LLC .
Filing a DBA is not required if you will set up an LLC or form a Corporation.
If you will do business under your first and last legal name you will not need to get a fictitious business name.
Using any language that connotes additional owners in the name of the business makes filing a fictitious business name mandatory.
If you do form an Retail Selling llc or incorporate (about $49 plus state fees for most states) your Jewlery business instead of just filing a fictitious business name (dba),
that insurs that you don't have personal liability for debts and civile liabililty arising from your business dealings and you will not have to record the Moncure business name.
In lieu of recording a Chatham County trade company name (our filing service fee includes trade name registration and newspaper legal publication for 4 weeks) you can also form a corporation in
NC or form an NC LLC (starts @ $49 plus state fee for most states & includes bylaws for the corporation and Limited Liability operating agreement for the LLC that is required to open a business bank account). .
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| Selling on jewelry requires first a sole proprietorship, a partnership, an LLC, and a corporation. Choose one of these and you are on the road to getting the rest of the required jewelry tax ids and permits with the first being a sellers permit which is also called a sales tax id number. The government wants you to get a sales tax id to collect taxes for them. A sellers permit will enable you to buy wholesale jewelry items that you will sell with your jewelry , business sell it or even sell it at the retail level. It also lets you pay the sales tax you collect to the state government. The sales tax are paid quarterly, semi annually or annually. So e.g., anything you sell on jewelry such as a jewelry for $70, you need to charge 8% tax. So you charge $75.60. You keep the $70 and you pay the government the $5.60. Furthermore, you will need to get an jewelry general business license simply because all businesses need to get one of these and it is also called an occupational license or a business tax registration. In addition, if you get any help selling on jewelry Home Business, you will need both a federal ID and a State Employer Identification Number because you will need to pay employment taxes. As you know, social security taxes are paid thru to the federal government who needs you to obtain the federal tax id. For example, you hire Joselyn and Josea as jewelry sales employees. You need to pay them the hourly wage plus their employment taxes. They pay half and you pay the other half as their employer. |
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| Moncure
4/30/2019 2:08 PM
. | 27559
Jewlery
| Jewlery, Sell direct to stores,from home |
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