Becoming a legit Wholesale Supplier?

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b-m-h
Posts: 2
Joined: 06 Nov 06
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5 Jan 07 09:26:29 pm
I've searched for the products I like, and finally found a good supplier.I was wondering if I needed to do anything special to become a legit whosaler to a couple of mom&pop stores in my city? If so, what are the proper steps to take?

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berk-llc
Posts: 252
Joined: 31 May 06
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6 Jan 07 03:41:12 pm
I would suggest registring an LLC with the secretary of state where you live. It costs $135 in MN. You should aslo get a Fed Tax ID. You can get that on irs.gov. You don't need to pay for it. It free if you contact the IRS. You need a tax id for your local state. Go to the department of revenue for your state and apply for a tax id and then fill out the tax exemption certificate for your state incase your supplier requires that as well.

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berk-llc
Posts: 252
Joined: 31 May 06
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6 Jan 07 03:43:14 pm
Oh and remember to file your taxes if you form a LLC. If you are making a lot you need to do it quarterly, otherwise annually is fine. You can also deduct other expenses you have for selling things. For example I deduct mileage, cell phone bills, the membership to salehoo and anything else that you can show has a business purpose.

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jimmy_huber
Posts: 2867
Joined: 11 Mar 10
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9 Jan 07 04:04:39 am
Im writing off my Computer, laptops, printers, 2 shipping scales, my new desk, my new chair and my 37 inch widescreen hdtv monitor :lol:

Im still wondering if I can write off the van I just purchased. I am using it for hauling products to the shipping company. But not sure If I can get away writing it off as a business expense. LOL

Oh you might want to make sure your following the proper laws reguarding the collection of tax id onformation on your clients if. You intend not to charge taxes on your wholesale sales.


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berk-llc
Posts: 252
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9 Jan 07 04:42:19 am
For the Van Jimmy, you can handle it two different ways for taxes. You can expense $0.445 for every mile driven for business purposes, or you can write off actual expenses in proportion to how it is used. For example if you drive 10,000 miles this year, and 4,000 are for business, that would be 40% for business. That means you can write off 40% of the actual costs to maintain the van. (Oil changes, new tires, repairs) As far as the van goes, you can depriciate it over its useful life. (Typical life for this is 5 years.) I would used an accelerated method although straigtline is ok as well. MACRS. Also for small businesses there are special deductions for cars over a certain gross weight. I'm a CPA, but I work in Audit, not tax otherwise I could give you a little more on that.

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mana2006
Posts: 379
Joined: 06 Aug 06
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9 Jan 07 07:51:17 pm
Jimmy who did you get your shipping scales through. Do they have good prices. Please let me know if you can.a pm will be fine

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jimmy_huber
Posts: 2867
Joined: 11 Mar 10
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9 Jan 07 11:17:58 pm
My scales are the american weigh brand
Thier website is here Link hidden: Login to view
But I purchased mine on ebay.. One is a 50 lb and the other is a 100 lb scale.


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mana2006
Posts: 379
Joined: 06 Aug 06
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10 Jan 07 01:52:46 am
Thanks for the response. Always looking for new items to help with our business. We looked into the automatic postage machines but not sure on all of the services out there yet. Just looking around to see what others are using.

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jimmy_huber
Posts: 2867
Joined: 11 Mar 10
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10 Jan 07 03:06:39 am
Im actually thinking about moving into the automatic postage machines as we will be putting up a ton of stuff for auction in febuary. And if we can keep a consistant amount of sales like 350 a week I will definately be moving into a professional labeling machine as well as automatic postage machines. Its a pain in the butt now shipping 50-70 items a week.


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