Obtaining a reseller’s license is necessary if you want to start a business in Illinois and sell goods. Businesses are able to buy goods and services from suppliers without paying sales tax when they have a reseller’s license, commonly referred to as a resale certificate. What a reseller’s license is, how to obtain one, and how to renew it in Illinois are all covered in this page.
In Illinois, a license for resellers enables companies to pay suppliers tax-free for goods and services. This indicates that companies are exempt from paying sales tax on goods they plan to resell to their clients. The reseller’s license is also used to monitor how much sales tax is being collected by the state, ensuring that firms are not overcharging customers. Is There a Resale Certificate in Illinois?
Yes, Illinois does have a reseller’s license, often known as a resale certificate. Businesses use this certificate to buy products from suppliers tax-free in order to resell them. The Illinois Department of Revenue is the agency that issues the resale certificate. How Do I Obtain a Resale Certificate in Illinois? You must do the following actions in Illinois in order to receive a resale certificate:
2. Submit an online or postal application for a reseller’s license from the Illinois Department of Revenue after registering your company there. 3. Provide information about your company, such as your company name, address, and tax identification number. 4. Describe your company’s operations and the kinds of things you will be reselling. 5. Be patient as it may take up to 10 business days for your application to be processed.
How do I renew my Illinois resale certificate? You must carry out the following actions in order to renew your reseller’s license in Illinois:
Log in to your MyTax Illinois account. 2. Choose the “Renew My Resale Certificate” option. 3. Enter information about your company. 4. Update any changes to your business operations or the products you are reselling. 5. Permit up to 10 business days for the processing of your renewal to be completed. To avoid any fines or penalties, it’s critical to renew your reseller license before it expires. The Illinois reseller’s license has a five-year term and needs to be renewed before it expires.
In conclusion, companies who want to sell products in Illinois must first obtain a reseller’s license. You can easily and quickly obtain and renew your reseller’s license by following the instructions provided in this article. Don’t forget to keep your reseller’s license current to avoid any fines or legal repercussions.
Yes, a business license is required if you are selling things online in Illinois. You might also need to get a reseller’s license if you intend to buy products from a wholesaler or manufacturer and then sell them to clients.