Home | Community | Message Board


This site includes paid links. Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Shop: PhytoExtractum Kratom Powder for Sale   Unfolding Nature Unfolding Nature: Being in the Implicate Order   Bridgetown Botanicals Bridgetown Botanicals, CBD Concentrates

Jump to first unread post Pages: 1
OfflineNOUS333
Stranger Than You
I'm a teapot

Registered: 12/26/15
Posts: 2,952
Last seen: 2 years, 11 months
Questions about creating an online store.
    #26857024 - 08/01/20 10:26 AM (3 years, 6 months ago)

I have an idea for an online store.  I have already outlined all of the products I wish to sell and I have searched for suppliers.  One thing I am finding is that a lot of these suppliers require proof of a EIN and Business license before they will do business with you.

I have never gotten either of these before, and I am hesitant to just go out and get them because I do not know if there are any downsides to doing so... also, I guess I could find some suppliers who don't require this so I can test my business first-but this would limit the products I could offer and negatively effect the image I want to portray.

So, can anyone tell me if there are risks/downsides to getting a business license/EIN.  In my state, a business license is not required for online sales, but if I need to get one in order to get the products I need I am willing to do so.


Extras: Filter Print Post Top
OfflinegeokillsA
∙∙∙∙☼ º¿° ☼∙∙∙∙
Male User Gallery

Registered: 05/08/01
Posts: 23,437
Loc: city of angels Flag
Last seen: 7 hours, 26 minutes
Re: Questions about creating an online store. [Re: NOUS333]
    #26857343 - 08/01/20 02:09 PM (3 years, 6 months ago)

Applying for an EIN should not cost you anything other than the time it takes to fill out the IRS forms (unless you also want to create a separate legal entity first such as Corporation or LLC), nor will it carry any downside.  The procedure for obtaining a business license or seller's permit will vary depending on your jurisdiction, but it will incur more form filing and a fee to some government agency (e.g. state, county and/or city).  Business licenses and sellers permits will also require periodic renewal and verification of info, and depending on your state, you will have to file annually with your state board of equalization to pay the sales taxes due to them, which you are required to pay for any sales done to customers who take delivery of your product in the jurisdiction(s) in which you operate.  If you end up discontinuing your business, you may need to file a final form indicating you have done so or your government agency may try to hit you with penalties for untimely renewal or failing to report your sales (or lack thereof).


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Extras: Filter Print Post Top
OfflineNOUS333
Stranger Than You
I'm a teapot

Registered: 12/26/15
Posts: 2,952
Last seen: 2 years, 11 months
Re: Questions about creating an online store. [Re: geokills]
    #26857571 - 08/01/20 05:15 PM (3 years, 6 months ago)

Quote:

geokills said:
Applying for an EIN should not cost you anything other than the time it takes to fill out the IRS forms (unless you also want to create a separate legal entity first such as Corporation or LLC), nor will it carry any downside.  The procedure for obtaining a business license or seller's permit will vary depending on your jurisdiction, but it will incur more form filing and a fee to some government agency (e.g. state, county and/or city).  Business licenses and sellers permits will also require periodic renewal and verification of info, and depending on your state, you will have to file annually with your state board of equalization to pay the sales taxes due to them, which you are required to pay for any sales done to customers who take delivery of your product in the jurisdiction(s) in which you operate.  If you end up discontinuing your business, you may need to file a final form indicating you have done so or your government agency may try to hit you with penalties for untimely renewal or failing to report your sales (or lack thereof).




Simple and to the point!  Thank you.  I am probably going to go the LLC route to be safe.


Extras: Filter Print Post Top
Jump to top Pages: 1

Shop: PhytoExtractum Kratom Powder for Sale   Unfolding Nature Unfolding Nature: Being in the Implicate Order   Bridgetown Botanicals Bridgetown Botanicals, CBD Concentrates


Similar ThreadsPosterViewsRepliesLast post
* How can I take my business or at least part of it online, or even just gain an online presence? SirShroomsAlott 1,269 10 11/22/22 02:29 AM
by jerrymor
* I made a Stock news page qmarkball 544 5 08/01/20 05:14 PM
by NOUS333
* Electric Scooter Start-ups are now worth Billions LogicaL ChaosM 661 4 07/31/20 10:18 PM
by viraldrome

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, automan
265 topic views. 0 members, 0 guests and 0 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2024 Mind Media. Some rights reserved.

Generated in 0.021 seconds spending 0.004 seconds on 12 queries.