Starting a(n) Reselling Business Licenses & Tax IDs

Hi, I'm Alexandra Sommers Council bluffs We resell items locally and across the country via online marketplaces such as eBay and Etsy as well as a virtual store.
Answer:

Hi Alexandra, here is how to form a Good Vibes Only, Series LLC.

First,
the entity tax structure selection. There are 4 main types of tax entity business structure..., Alexandra Sommers.

Reselling

We resell items locally and across the country via online marketplaces such as eBay and Etsy as well as a virtual store.

Answer:

Hi Alexandra, here is how to form a Good Vibes Only, Series LLC .

First,
the entity tax structure selection. There are 4 main types of tax entity business structures, namely, sole proprietor, LLC , Partnership or Corporation.
Since you indicated that you want a series LLC , then that is your entity structure.
You need to select a structure because you will be taxed as the entity type you select. For example, a sole proprietor is taxed very differently from an LLC . Also, for instance, the rest of the documents, such as the seller's permit, will be registered under the entity you chose, which means that you first need to select the entity such as the LLC first and then register the seller's permit. If you hire us to register your business, we will file all documents at the same time.

That said, keep in mind, you cannot be the sole proprietor and file a seller's permit as an LLC unless you obtain an LLC certificate.
In your case, since you showed an interest that you prefer an LLC , then form an LLC .

Second,
Since eBay Store sales are subject to sales tax, you will need to obtain a seller’s permit. So, for example, if you sell an eBay Store item at $5, you need to charge tax. If the tax is 10%, then you need to charge the client $5.50 for the drink.

Third,
Furthermore, note that all businesses, including online and home businesses, need to obtain a business license.

Finally,
If you hire Ebay Store and other personnel, you will need to obtain a federal and state EIN as well, so you can pay federal and state withholding employment taxes.

1. SELECT LLC, DBA, CORP

From sole propr., IA LLC, IA partneship or IA Corp.: Each requires an entity certificate filing.

2. TAX IDs - PERMITS

All Ebay Store businesses/entities need a business license and an EIN.

3. IA STATE SALES TAX ID.

Selling/Buying wholesale or retail requires a IA seller's permit.

✔ Biz Structure

You can choose to be a(n) :

Sole Proprietor,
LLC,
Corporation or
Partnership.
After you decide and select your business entity, you need licensing.

✔ Biz License

Council Bluffs Business Tax Registration ( Business License)
All businesses including home, online or mobile BUSINESS need a BUSINESS license because they are BUSINESSES.

✔ DBA Biz Name

A(n) business using a fictitious business name in Pottawattamie County i.e. you are a business with a trade name other than the owner's legal (full name) name are required to get a(n) fictitious business name. For instance you open a(n) business and you name it "Superior Group". You will need to file a fictitious business name for that name.

✔ Seller Permit

In addition note that in IA you may also need a seller's permit if you sell merchandise that is taxable. (A.K.A state id, wholesale, resale, reseller certificate, about $39 for most states).
Seller's Permit

✔ Federal EIN

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.

✔ State EIN

In addition you will need a federal and a state EIN if you will hire employees. I.e., a IA Federal Tax Id Number ($29) and a(n) IA State Employer Tax Number

✔ L L C

Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in Council Bluffs, Incorporate in IA or form a(n) IA LLC .

You have a choice to file a DBA or form an LLC or incorporate. There is a cicrcumstance that you may not need to register a trade name and that is when you use your full name as a business name if you use your full legal name as a trade name.
Also note that even using your first and last name may not help you avoid filing a DBA if the name has a suffix such as "& sons" etc.

✔ Incorporation

If you do form an Ebay Store llc or incorporate (about $49 plus state fees for most states) your 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 Council Bluffs business name. Instead of just registering your Pottawattamie County assumed business name (our fee includes assumed business name registration and legal newspaper publication) you can choose to setup a corporation in IA or form an IA LLC (starts @ $49 plus state fee for most states & includes required documents such as bylaws for the corporation and Limited Liability operating agreement for the LLC). .


Council bluffs IA Reselling IA Council Bluffs