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How To Start Own Jewelry Store Business | |
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| How To Start Own Jewelry Store Business | |
1/19/2011 12:00 AM
| Legal and Steps for Setting Up Your Home or Store/ Shop Jewelry Business It's not difficult to start a jewelry business. Consider and complete a few steps such as legal steps is the first part of getting set up. Here's what legal considerations you need to know about selecting and recording your jewelry fictitious business name, obtaining your business license and resale tax number, setting up a separate bank account for your business, dealing with the IRS, and more. Even if you have already started trading, you still have time to benefit from this article. Have confidence that you can start a jewelry business. On this site, you can find a quick and straightforward quiz to help you more. Then you will need to fill a single form only small fees to pay www.businessnameusa.com which will get you set up legally and then you can operate legally and professionally! |
| Licenses and Permits. To find out what other licenses you need, simply take the quiz below and then you can obtain them here online. 
Are you selling (online, from home or from anywhere) tangible items? (i.e., touchable, such as toys, t-shirs, electronic devices etc. Touchable items are taxable.)
Yes No
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| Choosing Your Fictitious Business Name One of the most easy but not exactly simple parts of starting a jewelry business is deciding your jewelry trade business name. Your jewelry firm business name is an important part of your brand as a jewelry shop or if you are doing handcrafted jewelry, artist. This also is called branding because it will be part of your identity and it will be on your business cards and letter heads. Here's some things to avoid: 1. Don’t name it after yourself 2. Don’t name it only as part of what you sell. For example, “John’s, ankle Jewelry’ because you may not eventually even handcraft these. 3. Definitely, don’t use the wrong name on your website or on literature because if you change the name, it will be a hassle to change it everywhere. So get it correct first. 4. Even though that many fashion designers use their names in the business name, don’t because it is not usually a good idea. Find something that defines what you do. For example, handcrafted jewelry businesses may use something Artistic Jewelry Designs or something like that. First Check If Your Business Name Is Available or Taken and then you are ready to register your business name here on this site online, |
| Get Your Resale Tax Number Another step when you start a jewelry business is to register for sales tax because jewelry is taxable merchandise. The quiz above will guide you to obtain it with the rest of the licenses. The resale number is a tax exemption document that you can get here online for a small fee that incudes the government fee. The number enables you to buy materials from wholesale suppliers at wholesale prices which means that you will not pay tax when you buy them but you need to charge tax when you sell them. Depending on the rules of the wholesaler, you may have to buy a minimum amount of merchandise before they will let you get it tax free. |
| Once you get your seller's permit resale number, you will be required to fill out and file a return annually, semi annually or quarterly state sales tax return. You will need to send a check o r money order with all the tax you collected for that period. Normally, you will need to collect taxes for in-state sales and sales out of state, at shows for example, that you sell face to face in person in another state but not sales out of state over the internet. |
| The collected tax must be mailed paid to the state otherwise you are subject to criminal penalties for non payment. Consignment Jewelry If you consign your jewelry at shops or galleries, they are liable for the tax. I.e., they must collect the tax when they sell your merchandise. For this reason, you must consign and ask for the consignee's reseller number in order to leave the merchandise there. |
| You need to get all these because they are legally required. |
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