Wetland man Posted March 21, 2014 Report Share Posted March 21, 2014 My 15 year old son has started pouring Inshore Jig Heads using components from tackle supply companies. He's been selling them to local fishermen in fairly good numbers. The question I have, Is it legal to do this without some sort of Trademark? Question 2, can he get a Trademark on a product that he's putting together? We are very new at all of this and are trying to start off on good footing with this project. He's putting Mustad hooks in Do It molds. Quote Link to comment Share on other sites More sharing options...
dlaery Posted March 21, 2014 Report Share Posted March 21, 2014 (edited) No trademark. It would be very expensive. Just sell them You need to contact an accountant and learn how to pay Federal Excise Tax (FET), form 720. It will cost you 10% or your sale price. You will need to collect that when you sell you fishing lures you make, or figure it in the selling price. There is lots of info on this forum about FET. Edited March 21, 2014 by dlaery Quote Link to comment Share on other sites More sharing options...
Kasilofchrisn Posted March 21, 2014 Report Share Posted March 21, 2014 Yes he needs to file form 637 so he can send in his quaterly excise taxes via form 720. If you don't file the proper taxes they will pinch you and it probably won't be pretty. I would also suggest he look into any state and/or local sales taxes etc. I would hate to see him have to pay some big fines for not paying his taxes. He might end up in trouble like this young man did. http://www.tackleunderground.com/community/index.php?/topic/27554-tax-help-needed-from-a-teen-entrepreneurlure-maker/?hl=taxes#entry213893 i don't know anything about trademarks but making jigs from a stock do-it mold maynot be eligible for trademarking. Just a guess on my part. Quote Link to comment Share on other sites More sharing options...
AKFerzy7 Posted March 25, 2014 Report Share Posted March 25, 2014 to think our ancestors killed over 3 percent on tea Quote Link to comment Share on other sites More sharing options...
m.t.pockets Posted March 25, 2014 Report Share Posted March 25, 2014 The form 637 is used to be exempt from paying excise tax WHEN YOU PURCHASE FROM A MANUFACTURER. It is not required just to file and pay on your form 720 Quote Link to comment Share on other sites More sharing options...
