Author Question: What does it take to get a business lisence? (Read 1252 times)

coco

  • Hero Member
  • *****
  • Posts: 739
I need to buy wholesale products for my future business and I don't know where to start when it comes to getting my tax ID / reseller ID.
I have a website as I am a website designer, so I have everything to get started except for a business lisence.
How much does it cost? Where do I start to get one?
I live in California, but plan to move out of state within a few years.
I will report any innapropriate answers..
Thanks in advance!



geoffrey

  • Hero Member
  • *****
  • Posts: 880
You will want a federal taxpayer ID.

You need to decide what type of business you will want to start, Sole/Partner/LLC. Will you incorporate?

Develop a Business model or plan. Draft up an exit strategy. If you plan to succeed do your homework now to be prepared for the future.

---added---
The costs will differ due to what type of business you decide on. In my state they charge a different amount based on type of business, what you will be doing, and where you will be doing it. The total start up cost depends on who, what and where, so the price cannot be easily figured out. But you should be able to get some sort of license for a couple hundred dollars.
The type of business will most likely affect tax rate as well. Make sure you keep about 40% of the profit off to the side for state tax, federal tax, Social Security, Medicare. Remember that your obligation to Social Security will be the full amount.
Learn a little about accounting so you can learn to keep good track of your money and expenses.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

Patients should never assume they are being given the appropriate drugs. They should make sure they know which drugs are being prescribed, and always double-check that the drugs received match the prescription.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

For a complete list of videos, visit our video library