Starting out basic questions on ideas,suppliers,taxes

Hi,

I am from Greece and I intend to make an online store that sells sports apparel/clothing for x-sports.(ski wear, wetsuits, windbreakers, etc).I intend to sell worldwide and especially to Greece where I can be advertised well because I am 'in' things.

I would prefer working with dropshippers but it 's hard to find profitable ones.Anyone knows any good dropshippers for stuff like this? Consider that for making a warehouse I would have to pay income taxes for all items plus warehouse plus bigger postage cost plus everything that are already known.

But my basic question is if an online store is legal(I guess I will have to pay taxes and declare my income but in what country,the store can have 'home' anywhere in the world,right?)And I also guess I will need a license.And I have no idea what else I will need...

Please if someone have some answers and opinions may reply.Thanks!

Sorry for writing much and I hope this discussion will help more people starting their online business.

Hi,

If you are living in Greece, then your business is considered to be physically based in Greece, meaning you have to pay taxes in Greece.

I suggest that you talk to your accountant or lawyer and find out what the best way to structure you business is. Registering as a corporation will give you the most tax advantages and the greatest protection - the question is what type of corporation will best suit the way you run your business. This is something best discussed with your lawyer or accountant.

A corporation is typically the least effective for tax purposes unless you are creating an S corp in the US and it does not necessarily provide the best protection. A LLC, LLP, S corp and C corp all provide relatively equal protection.

Can you please explain more about the difference of LLC, LLP S corp, and C corp? I am sorry, I am a newbie and just want to understand all about this...