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OfflineNOUS333
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Questions about creating an online store.
    #26857024 - 08/01/20 10:26 AM (5 days, 23 hours 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.


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OfflinegeokillsA
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Re: Questions about creating an online store. [Re: NOUS333]
    #26857343 - 08/01/20 02:09 PM (5 days, 19 hours 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).


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OfflineNOUS333
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I'm a teapot

Registered: 12/26/15
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Last seen: 1 day, 19 hours
Re: Questions about creating an online store. [Re: geokills]
    #26857571 - 08/01/20 05:15 PM (5 days, 16 hours 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.


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