Applying for seller’s permit- what you should know

1. Applying for a seller’s permit - what you should know? A seller’s permit, also referred to as permit license, resell permit, resale permit, state tax ID number, reseller license, or resale ID, is necessary for a business for various purposes such as selling merchandise or any goods. However, in many states, businesses that sell tangible goods require seller’s permits to operate. In some US states, a seller’s permit allows you to buy goods at wholesale prices and resell them at retail prices. If you are looking to start a business, it’s good to apply for your seller’s permit in advance to avoid fines and interruptions in the future. Read along to learn about what’re the requirements to apply for a seller’s permit and how to get one. What’s the need for a seller’s permit Seller’s permit requirements may vary from one state to another. Also, in some states, you need to pay an administrative fee while others don’t charge any fee; the amount may vary from state to state.

2. Nearly in all US states, individuals and companies require some type of seller’s permit to do business activities comprising the sale of goods or services. For example, LLCs, corporations, and partnerships all need seller’s permit. Businesses operating in different locations need to have seller’s permits for each location even if they are involved in the same state. For example, if you have a bakery shop in Manhattan, New York, and looking to open in 2 more locations, you must get a seller’s permit for each location. In some states, a seller’s permit can’t be transferred from one operator to another even if it operates under the original name. Suppose, Maria runs a business and she gets a seller’s permit for it. If Adam purchases her business, he will have to obtain a seller’s permit. Entrepreneurs require seller’s permits each time they start new businesses in new industries. For example, John runs a furniture store. If he decides to open a repair shop, he will require a different seller’s permit for it. Applying for a seller’s permit - what’s required ●EIN (federal taxpayer identification number) and social security numbers for each entrepreneur ●Details of all the bank accounts of the company ●Complete details of all the suppliers

3. ●A copy of applicant’s driver’s license; for partnership, each partner’s driver license; for an LLC, each member’s driver license. And, for a corporation, the social security number of all corporate officer is required. ●Details of the individual responsible for maintaining the tax records ●The types of goods to be sold ●Total monthly sales; the amount of taxable sales; in case you have purchased a company, its previous sales permit is required. After you prepared all the above documents, hire a registered agent to help you apply for the seller’s permit and handle the legal paperwork on your behalf. The bottom line is—a seller’s permit is an important need for a business to operate without any problem. Before you start business operations, contact your state’s agencyresponsible for seller’s permit to get complete information. Now, with online registered agent services, you can apply for your seller’s permit online and receive it in the PDF format through the mail.