Business

[Thunder]

I hope this is the right place for it. :-O

I am wanting to slowly set up shop and the best way to do that is buying things wholesale. I do not know anywhere locally, but I have come across a few sites online. The problem with those sites online, they require some kind of business permit and/or valid tax ID. Now, how am I suppose to get that done?

And is there anywhere with public access to wholesale goodies? Locally and/or online.

There are a lot of places online offering lists of many wholesalers, but I do know that most of them are fraud. How do I know the differences? Any reputable places providing honest lists of wholesalers?

This is a bit tricky, because I'm not planning to have an actual store location. Just to set up shop at home and slowly work my way toward setting up shop at a popular flea market. Still... All these info required to gain access to ordering wholesale goodies...

[kevinpate]

You might start here: http://www.business.gov/states/oklahoma/start.html

[BBatesokc]

This is a good resource too.... http://www.ok.gov/section.php?sec_id=4

Just don't get suckered into those work from your home scams like the one promoted by Tom Bosely for years.....

[Thunder]

Thanks, guys, I will continue the research.

[Thunder]

Select a Business Name

A fictitious name filing, also known as Doing Business As or DBA, allows you to create name for your business that is different than your personal name, the names of your partners or the officially registered name of your LLC or corporation.

* Trade Name Registration

$25 for the application process. Recommended? I am setting up shop at home using CL and slowly move toward a popular flea market.

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Here is the tricky part. I need a valid Tax ID as required by a wholesaler site, but lookie....

Step 6

Determine the Legal Structure of Your Business
If your business is a corporation, a non-profit, a limited liability company or a partnership (limited, or limited liability) you must register with the state of Oklahoma. If your business is a sole proprietorship, you do not need to register your business with the state.

So, mine would be considered a sole proprietorship, but I have to register for...

Get an Employer Identification Number (EIN)
An EIN is also known as a federal tax identification number, and is used to identify a business entity. Employers with employees, business partnerships, and corporations and other types of organizations, must obtain an EIN from the U.S. Internal Revenue Service. The EIN is also known as an Employer Tax ID and Form SS-4:

U.S. Internal Revenue Service
Phone: 1-800-829-4933

...in order to gain access to wholesale sites.

[BBatesokc]

The TAX ID # just shows your supplier you're serious and it puts you on the radar of the tax man.

You should open a separate checking account at your bank too in your company's name. Have customers make payment out to the company name and NOT you personally. Its not a legal requirement, but it makes bookkeeping easier and doesn't look fishy to the IRS.

A long time ago when I was much younger I owned two booths at what was then the AMC flea market. Was on the waiting list for Old Paris but never got in. I had a couple of retired people that worked the booths. One booth was items I found at auctions and estate sales and the other was Wal-Mart returns. At one time you could easily buy an entire semi trailer of Wal-Mart returns for a few thousand dollars and sell it for about triple or more. After 3 years, when the rules changed on getting the returns and I got bored with auctions and no longer had the time, I sold the booths and my supplier contacts.

[Thunder]

I don't have a banking account, because I owe Chase $600 since 2004. My eBay account got hacked somehow and someone was on a spending thrill. At the time, I was only a lil bit overdrawn on my Chase account when I requested to close the account. They refused to close it, because I am overdrawn. eBay account was on a spending thrill so fast, Chase kept rejecting and charging me fees each time. The checking account was linked to eBay and PayPal. When it passed $600, Chase finally closed the account, but wanted me to pay for those fees. I refused. I still have not paid them to this day. Now I can not open another checking account.

I am using NetSpend, an online "checking" account with the use of debit card. Direct deposit and all...even savings, too.

I will only accept cash. This is still hard to do, because it is all so complicated. Register trade name for business, etc. I'm just wanting to do this at home through Craigslist, so I can build up the money for Old Paris. Maybe start at Mary's on 23rd for a while, since its only $5 to rent.

eBay still have a lot of things I can get for wholesale prices, so maybe I should just stick to that and stay away from greedy IRS.