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You probably need a business license (get that from city hall where you live), you also may need a resale # that is from the franchise tax board and that allows wholesale purchases but you have to pay taxes yearly. First order of business is to set up a separate checking account for all business transactions, second is to keep meticulous records (get a software program like Quickbooks or similar) to record all business purchases, sales etc. You will need to make invoices for your sales (QB does that). Third, have a professional do your taxes: business & personal taxes can now be pretty tricky & you do not want an audit or to not pay enough or get enough back. Fourth: print out a simple letterhead stationary & business cards. You will need these to "prove" you are a business if you purchase wholesale with the resale #. The Small Business Association where you live may have workshops or meetings to help. ALso, as a personal note: don't rip people off on shipping charges. Price you items accordingly but be transparent in shipping. There is nothing more business stopping than to receive an item that seemed a good price; pay say ten dollars to ship and have it come in an envelope with $1.25 postage. Never shop from those people again. There are several very large scrap booking sites on line--you might want to look at them for ideas (scrapmytrip.com; twopeasinabucket.com (I think); google & yee shall find. Good luck

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by Diane A

1 year ago

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No you do not. Don't forget you have to declare income for tax and NI

by raysor- 1 year ago