saint308 Posted July 17, 2007 Report Share Posted July 17, 2007 Someone on here PM'd me a website link I needed to get legal. Unfortunately, I cannot find it. Please send it to me a again. Thanks. Saint. Quote Link to comment Share on other sites More sharing options...
Joe Posted July 17, 2007 Report Share Posted July 17, 2007 Hey Chris, Give me a call when you get a chance. ( you have my number ) I can walk you through everything you need. I didn't forget your link, the girl is comming on Thursday to get me e mail straight and I have a list for her. Thanks, Joe Quote Link to comment Share on other sites More sharing options...
saint308 Posted July 18, 2007 Author Report Share Posted July 18, 2007 Thanks CJ. I will surely call you. Saint. Quote Link to comment Share on other sites More sharing options...
saint308 Posted July 18, 2007 Author Report Share Posted July 18, 2007 Joe, check your PM. Thanks. Saint. Quote Link to comment Share on other sites More sharing options...
NemesiS Posted July 31, 2007 Report Share Posted July 31, 2007 Hey guys, First time poster, long time lurker. Just curious why it is so important to 'get legal'. I am getting ready to start my own bait co. I am in Michigan and do hand poured gobies, and some other stuff like stick baits, jig trailers, creatures, and shakey worms. But my real money is in the gobies. I was recently contacted by a large distributor who wants to order 6400 baits off me to distribute into local tackle stores. Apparently he got ahold of my baits from a pro who was using them in the FLW tournament we had here recently on the Detroit River/Lake Erie. So i got to thinking, i better 'get legal'. I called my personal accountant and she got to work looking into it. But she called me back and said the only thing i had to do was register my name so no one else could market under it but me. She also said that since i am not providing a service, i do not need to do anything with taxes. Help me out. i want to make sure i am covered but i dont know anything about it. I tried reading on a website about it, but its like the wrote it in a different language. Im not a simpleton, i just dont translate all the legal mumbo jumbo real well. When you say 'get legal', what exactly do you mean? Thanks in advance! NemesiS himself:drool: Quote Link to comment Share on other sites More sharing options...
saint308 Posted July 31, 2007 Author Report Share Posted July 31, 2007 First off, you may want to consider getting a new accountant. You may not have to collect sales tax if you are selling to someone who is going to resell the item, but you are going to have to pay taxes on the income you earn. With that said, there are also tax benefits afforded to you as a business owner. You can possibly write off computer, internet, part of mortgage for the space you use, mail electricty, phone etc. This is just some parts of it. I would consider finding a good CPA and discussing it with them. That is a very short version. Saint. Quote Link to comment Share on other sites More sharing options...
bassnfool Posted July 31, 2007 Report Share Posted July 31, 2007 You also need to pay a 10% Federal Excise Tax filed quarterly on form 720. That is 10% of the actual price that you sell the baits for not just your profit. Quote Link to comment Share on other sites More sharing options...
hawghunterbaits Posted August 5, 2007 Report Share Posted August 5, 2007 Hello, I too am from michigan and have owned a few small bussiness in the past, To be totally legel in mi you will have to file or obtain a d.b.a.form (doing bussiness as) from your local county clerks office. That will protect your name in that county only! You will also need a tax i.d. number and your accountant should get that for you. You r supposed to pay the tax on everything you sell if you r legal! Cash works great tho! GL Quote Link to comment Share on other sites More sharing options...
