New Importer and Wholesaler

[ggiese]

So with an import license I can ONLY import tobacco products? I cannot sell them to anyone without a sellers/wholesale license?

Cause I am receiving what seems like conflicting information from other sources. Some say the Import license allows someone to wholesale and others say I need a wholesale license. However the import and wholesale license is exactly the same, you just mark a box on the top if you are either doing one or the other (so would I mark both?).

Also, as far as taxes are concerned, would it be a smarter idea to be a LLC? Or would I receive easier taxes by being a corporation on a federal level?

You don't know the difference between a "limited liability company" and a "corporation"? Oh, boy...

Take this advice for what it's worth...

It's not wise to seek counsel on an Internet forum with something this important to your business. You can either school yourself up at a local community college or hire someone COMPETENT enough (e.g. an attorney) to walk you through the advantages/disadvantages (hint: it goes beyond the question of any tax advantages and very much depends on your personal situation and others that will be in your company). This decision will be the cornerstone of your business plan.

Speaking of which... Have you drafted a solid business plan? I suspect not, but you'll definitely need one if you ever intend to seek capital in any form.

...and that's just the beginning... What accounting method will you be using - cash-basis or accrual? It's best to start with the right one for your business, rather than switch once you've began your accounting ledgers. And there are advantages/disadvantages to each - especially when it comes to paying taxes.

I'm not trying to discourage you, but based on some of your comments I believe you've got quite a bit of work ahead of you BEFORE you even think about obtaining licensing and permits. Your business success really depends on it

Good luck!