Jbarbagallo Posted July 21, 2006 Share Posted July 21, 2006 I am curious, how much profit can you take in per year befor you should consider to register as a business? Quote Link to comment Share on other sites More sharing options...
KristinesShower Posted July 21, 2006 Share Posted July 21, 2006 I did it backwards I think when I started in 2002. I actually had my name and business license before I even made a website or one product for sale.Looking back, I wish I would have waited a year before doing that as I didn't make anything the first year at all.Check with an accountant, they can really help you out when it comes to this kind of thing. I didn't get one until the year after and wished I would have gotten one the same year I started my business! Quote Link to comment Share on other sites More sharing options...
AngelaVA Posted July 21, 2006 Share Posted July 21, 2006 You need to register and get a business license before you sell anything. Everything you sell in your state must have sales tax collected. Even if you don't make anything, you can still claim expenses on your taxes. But you cannot sell without a license. It doesn't cost much to get one in most places either Quote Link to comment Share on other sites More sharing options...
bilbar25 Posted July 21, 2006 Share Posted July 21, 2006 Jbarb:Before taking one or two posters opinion as "Gospel" when it comes to "registering" or "licensing" your activity, I would think it prudent to be sure you ARE a business, and wish to be a business! Believe it or not "intent" has an awful lot to do with whether you indeed are a business!Also, rules are different in different states.As a suggestion do a GOOGLE on "Business or Hobby", and you will find lots of information!Good luck...Bill Quote Link to comment Share on other sites More sharing options...
Crafty1_AJ Posted July 21, 2006 Share Posted July 21, 2006 Try checking with the Secretary of State website for your state -- there should be pertinent information there. Also try the revenue department (the dudes and dudettes who deal with taxes for your state). I found both sites in my state to be very helpful in starting out. HTH, and good luck! Quote Link to comment Share on other sites More sharing options...
AngelaVA Posted July 21, 2006 Share Posted July 21, 2006 Jbarb:Before taking one or two posters opinion as "Gospel" when it comes to "registering" or "licensing" your activity, I would think it prudent to be sure you ARE a business, and wish to be a business! Believe it or not "intent" has an awful lot to do with whether you indeed are a business!Also, rules are different in different states.As a suggestion do a GOOGLE on "Business or Hobby", and you will find lots of information!Good luck...BillIf you are selling products, you need to collect sales tax. To collect and report sales tax properly, you need to be registered with your state. In many places, this means getting a local (city or county) business license and then applying to the State Taxation Department/Dept of Revenue for a tax ID. If you have any doubts, check with your local city or county. Most places have all this information on the web now. You can also call a local business attorney. Do not be fooled into thinking that you don't need a license. If you're selling to make a profit (and not just giving as gifts), you need to be licensed. Quote Link to comment Share on other sites More sharing options...
birdieluvr76 Posted July 21, 2006 Share Posted July 21, 2006 I know in my state, filing to be a business was recommended, but optional. I was able to get my sales tax license without filing as a business.Check with your state online, and you are sure to find what you need. I was able to send an email with the questions I had, and I got an email back with links telling me where to go.Good Luck!!! Quote Link to comment Share on other sites More sharing options...
Jbarbagallo Posted July 21, 2006 Author Share Posted July 21, 2006 Thanks all, perfect information to get me started in the right direction. Quote Link to comment Share on other sites More sharing options...
Tess Posted July 22, 2006 Share Posted July 22, 2006 Jbarb:Before taking one or two posters opinion as "Gospel" when it comes to "registering" or "licensing" your activity, I would think it prudent to be sure you ARE a business, and wish to be a business! Believe it or not "intent" has an awful lot to do with whether you indeed are a business!Also, rules are different in different states.As a suggestion do a GOOGLE on "Business or Hobby", and you will find lots of information!Good luck...BillYou SHOULD take this as gospel :smiley2: . Very good info. Don't foot around, find out for sure through your state comptoller, to find out what sort of things you must do. A good place to start is go to you county courthouse. They will sit down and explain ALL you have to do to get started. You can find yourself in a heap of trouble by not following guidelines. Quote Link to comment Share on other sites More sharing options...
dahaak Posted July 31, 2006 Share Posted July 31, 2006 Yes, each state is different. In Illinois I had to get a license and a tax number. In Wisconsin just a business registration number (includes tax number). If you have employees, its federal emplyee ID number (FEIN), withholding, workers comp... (AHHHHHHH!). Also in Wisconsin, if you have sales less than $2000, you dod not need to get a tax number or colelct tax, but you must pay the tax on in-state purchases. Check your states website and Treasury Agency. Quote Link to comment Share on other sites More sharing options...
Jbarbagallo Posted August 2, 2006 Author Share Posted August 2, 2006 would like to thank ya'll for taking the time to help. right now I'm just gettin information about everything. being prepared. but I won't have candles ready till next year. ( testing to perfection ) Quote Link to comment Share on other sites More sharing options...
Deliciously Wicked Posted August 2, 2006 Share Posted August 2, 2006 Yes it does all depend on what state you are in as far as everything you need ot have in order to be legite. Business license is a good start. It depends where you live if you need to collect sales tax. I live in Oregon and we do not have a sales tax. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.