It is legitimate to purchase goods and resell them. This is referred to as the “first sale doctrine,” which permits people and companies to resale things that are protected by copyrights or trademarks without the owner’s consent. Before reselling any products, you should conduct your study because there are several exceptions to this rule.
In Illinois, you most likely will have to pay taxes on the goods you resell. A resale certificate should be given to the vendor when you buy products to resell. You won’t be required to pay sales tax on those things as a result. Sales tax must be collected and sent to the state of Illinois when you sell certain things to your consumers. Does Illinois Require a Business License for Etsy Sales? Illinois does require a business license for etsy sales. You might also require extra licenses and permits, depending on your area and the products you offer. Before you begin selling, it’s crucial to verify with your local government to make sure you have all the required paperwork.
Yes, you still need a business license to operate in Illinois even if you have an LLC. Although an LLC is a legitimate business form, it does not relieve you from other legal obligations like acquiring a business license.
1. From the website of the Illinois Department of Revenue, download the Illinois Resale Certificate form. 2. Enter the necessary information about your company, including your name, address, and Illinois Business Tax Number. 3. State the name and address of the vendor from whom you intend to buy merchandise to resell. 4. Date and sign the paperwork. 5. Hand the completed paperwork to the vendor when you buy goods to resell.
In conclusion, it’s critical to have the necessary paperwork, including a resale certificate, if you intend to resell products in Illinois. Even if you have an LLC, you still need to pay taxes on the products you resell and have a business license in order to operate lawfully. You can make sure that your resale enterprise is prepared for success by paying attention to these suggestions and conducting your own study.
You must submit an application to the Illinois Secretary of State’s office in order to register a business name in the state of Illinois. The application can be submitted by mail or online. Your intended business name, your contact information, and further information about your enterprise must all be included in the application. Your business name must be registered, and it must be renewed every five years. On the website of the Illinois Secretary of State, you may find additional information as well as the application form.