Member Workshop: How to Set Up Your eBay Business From Start to Finish in Community Help Boards in Community

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Last Post Dec 30, 2005 12:15 PM by: deirdre@ebay.com

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Member Workshop: How to Set Up Your eBay Business From Start to Finish

Nov 30, 2005 12:20 PM

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Topic: Member Workshop: How to Set Up Your eBay Business From Start to Finish

Host: whatdoisell
Date: Friday 12/30
Time: 11:00 to 12:00 PST
Location: Workshop Board

Description: In this workshop, Lisa Suttora, Founder/CEO of What Do I Sell.com, an eBay Certified Service Provider, will discuss how to set up your eBay business. Please join us in this informative workshop as we review the step-by-step process that explains licensing, how to establish a business name, and other pertinent information on how to establish your eBay business.

Cheers,

Deirdre
eBay Community Development

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Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:13 AM

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Hello, my name is Lisa Suttora and I am the Founder and CEO of What Do I Sell.com.

We are an eBay Certified Service Provider that specializes in teaching eBay sellers how to find the products buyers want, locate legitimate suppliers, and sell successfully in the eBay Marketplace.

I’m excited to be here today to tell you about how to set up your eBay business from
start to finish.

Today we will talk about how to set up your eBay business so that you can purchase inventory from legitimate wholesalers, including manufacturers, distributors, wholesalers, manufacturer’s reps, trade shows and merchandise marts.

In Part 1 of this workshop we will discuss how to choose a business name, how to obtain your business license and discuss other considerations required when setting up your eBay business.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:14 AM

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Legal businesses as they relate to wholesalers, versus establishing a legal businesses for tax purposes.

There are several reasons why you need to set up a legal business in order to work with legitimate suppliers. This is what we are going to talk about today.

However, this workshop DOES NOT address the TAX reasons for setting up a legal eBay business.

To learn about the tax and finance reasons for setting up your legal business on eBay, be sure and visit the Tax Structure for Your eBay Business workshop here in the eBay workshop archives at:

Link

This is a critical part of setting up your legal business as well.

Now, let’s get started talking about setting up your legal business so you can source the inventory that your buyers want!

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:14 AM

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Why do I need a legal business to buy my inventory?

In order to buy inventory from legitimate wholesalers, you must establish a legal business entity.

Legally a wholesaler CANNOT sell merchandise to you at true wholesale prices unless you are a legal business and can furnish them with your Business License Number, showing that you are authorized to purchase merchandise at wholesale prices.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:15 AM

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Are there other reasons I should set up a legal business?

There are other equally important reasons you should set up a legal business:

- Compliance with IRS laws.

- If you want to attend Trade Shows to source your inventory, your business must be set up as a legal business entity.

- If you want to view wholesale catalogs or pricelists to determine if you want to sell a particular product, you must be a legal business in order to even VIEW the supplier catalogs.

- Suppliers will not send you a wholesale pricelist unless you have a business license number.

- Setting up your legal business involves putting into place some other professional tools. And a professional business setup is a must in order to be profitable.

- A professional business setup = professional mindset.

“Treat your business like a business and it will pay you like a business. Treat your business like a hobby and it will cost you like a hobby.”

Take your time and set your business up right the first time. This is not the time to skip steps or cut corners.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:16 AM

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What is a legal business?

Setting up a legal business means that you have applied for the proper city, state (and in some cases) federal licensing in order to do business.

Each city and state has slightly different licensing requirements.

However, what we will talk about today are the general requirements covering most states. We will also show you how to locate the specific information for your city and state, so that you can conduct further research.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:17 AM

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What do I get when I apply to become a legal business?

When you submit your licensing application (as a sole proprietor WITHOUT employees) in your state, you will receive what is called a UBI #.

This is a Unified Business Identifier Number. It is the number that identifies your business in your state.

The term UBI# is also the same as the following terms:

- Business License Number
- Tax ID #
- Resale # (*Different from a Resale Certificate which we will talk about later)

You will find that different states use different terms. However, they all mean the same thing. You will also find when dealing with wholesalers that they will refer to your business license using these different terms.

The above terms mean that you have your business license in the state you are operating out of.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:17 AM

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What is the difference between a UBI # and an EIN #?

If you open your business as a sole proprietorship, WITHOUT employees, you will in most cases receive an UBI # which is assigned by your state.

However, if you open your business as a Corporation, LLC or have employees (or plan to hire them) you will apply for an EIN #.

An Employer Identification Number (EIN) is also known as a federal tax identification number.

There are several criteria which will determine if you need to apply for an EIN number, but the primary two that affect eBay sellers are:

- Do you have employees?
- Do you operate your business as a corporation or partnership?

For more detailed information on EIN numbers go to:

Link

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:19 AM

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Should I license my business as a sole proprietorship or a Corporation or LLC?

For the purposes of DOING BUSINESS WITH LEGITIMATE WHOLESALERS, a sole proprietorship is a sufficient business structure.

For tax purposes, the choice between a sole proprietorship, Corporation or LLC is determined by your individual financial situation and your goals for your business.

To learn about which business entity is right for you, be sure to review the archived eBay workshop Tax Structure for Your eBay Business at:
Link

This is an ongoing series which will teach you about the right business structure for you.

The companion book, Tax Loopholes for eBay Sellers, by Diane Kennedy and Janelle Elms is also an excellent resource for eBay sellers who want to learn what the best business structure is for them.

For more information on this book, go to:

tax.janelleelms.com

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:20 AM

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Does my state require me to have a business license?

Most every state issues business license numbers. However, there are a few that do not. But every state does have a process that you must adhere to in order to do business there.

To find out the specific regulations for your state, visit your state’s Department of Licensing website.

The Department of Licensing websites are very helpful and very clear about the requirements to do business in your state.

To locate your state’s department of licensing website, simply go to your favorite search engine and type in:

your state name + department of licensing

For example:
washington + department of licensing

Most state department of licensing websites are very well done. But if you are unclear on the information, call the office and talk to them.

CAUTION: Don’t skip this step! Relying on advice or hearsay from friends or family can cost you time and money in the long run.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:21 AM

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Does my city/county require that I have a business license?

As with the state, most cities (and some counties) require you to have some kind of licensing to do business within the city limits. However, some cities do not require this.

In some cases, regulations vary from county to county.
As with the state regulations, it is critical that you visit your city’s department of licensing website to determine what the regulations are for your city and county.

To locate your state’s department of licensing website, simply go to your favorite search engine and type in:

your city name + department of licensing

For example:

seattle + department of licensing

Most city department of licensing websites are very well done. But if you are unclear on the information, call the office and talk to them.

CAUTION: Don’t skip this step! Relying on advice or hearsay from friends or family can cost you time and money in the long run.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:22 AM

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What is a DBA and do I need one?

Any business that doesn't use its legal name (the official name of the person or entity that owns the business) as part of its business name must comply with fictitious or assumed business name requirements also known as a DBA (Doing Business As) name.

For example:

Madison MacKenzie names her sole proprietorship "Northwest Sales". When applying for a business license, Madison is registering her business “Northwest Sales” as a fictitious business name because it doesn't contain her last name, "MacKenzie."

Under her primary business name of Northwest Sales, Madison can now buy merchandise from wholesalers. She can also sell on eBay under her 3 different eBay IDs/stores.

One day, Madison decides to become an eBay Education Specialist and teach classes about how to sell on eBay.
She wants to name the education sector of her business “Resale Education Specialists”.

She can now add ANOTHER DBA called “Resale Education Specialists” under her PRIMARY business license number/name of “Northwest Sales”.

You can have multiple DBAs for multiple businesses under your primary business license name/number.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:22 AM

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I’ve visited the licensing websites, called the office and I am still confused. What should I do now?

The best approach to finding out exactly what the licensing requirements are for your city and state is to CONSULT WITH A QUALIFIED CPA.

In fact, I recommend that EVERYONE establish a relationship with a good CPA BEFORE setting up your business.

Your business will as successful as the people you have surrounding it, and a good CPA is one of the cornerstones of a successful business.

The money you spend consulting with a good CPA is money well spent. And will save you money in the long run.

However, you can do your preliminary research on the websites as we have outlined above.

For those of you who make the choice to set up your licensing before seeking the consult of a CPA, doing your due diligence at the government websites is a must.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:23 AM

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How do I apply for a business license?

Some cities and states will allow you to apply for your business license online. The online application process is quick and easy and requires a credit card for payment of the licensing fees.

Other cities and states require you to send in the application, but in most cases the application is available online in PDF format.

Simply print out the application, complete it and mail it to the proper address.

Member Workshop: How to Set Up Your eBay Business From Start to Finish

Dec 29, 2005 10:23 AM

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Are business licenses expensive?

Fees vary by location. However, business licenses are fairly inexpensive and usually run between $10 - $70 per license.

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