When starting your small retail business at a flea market, you have a few options for your business entity. While you could operate as a sole proprietor, forming an LLC (Limited Liability Company) or an S Corporation might be a good idea to protect your personal assets from any potential business liabilities. Plus, it sounds fancy and official, like you're a big shot entrepreneur!
To operate your business legally, you'll likely need to obtain some licenses and registrations. The specific requirements vary, but generally, you may need:
Don't worry, the paperwork isn't too bad, and it's all part of the exciting journey of starting your own business!
If you're operating under a name other than your own, you'll need to register your business name. This is known as a DBA (Doing Business As) or fictitious business name. It's like giving your business a cool alias, so people know what to call it!
Depending on the types of products you're selling, you might need additional permits. For example:
The best way to find out what you need is to check with the relevant authorities and ask fellow flea market vendors for advice. They've been through it all and can probably give you some hilarious stories along with their guidance!
Starting a small retail business at a flea market is an exciting venture, and with a bit of research and some paperwork, you'll be ready to set up shop and start raking in the dough (or at least enough to cover your monthly streaming subscriptions). Just remember, the key is to have fun, stay organized, and always keep a smile on your face, even when a customer tries to haggle you down to a ridiculously low price!
First decide on a business structure RETAIL as a Sole Proprietor, LLC/Corp, or Partnership.
Selling/Leasing or if wanting to buy or sell RETAIL merchandise, food, equipment requires a Seller's Permit.
All RETAIL Businesses Using a DBA doing business as name need a DBA Fictitious Business Name
Hiring RETAIL Workers Requires a Federal EIN and a State Tax Number EIN
All Selling Online Businesses (Including Web based, Online, Websites, Home or eBay Businesses) that use a trade business name, need a(n) Union County DBA Business Name Registration
Retailers / Wholesalers, (Including Web based, Online, Websites, Home or eBay Businesses) Need a(n) NJ Sellers Permit (A.K.A state id, wholesale, resale, reseller certificate).
Employers (Including Web based, Online, Websites, Home or eBay Businesses) Need a NJ Federal Tax Id Number and a(n) NJ State Employer Tax Number
Instead of filing a fictitious business name DBA Filing in Linden, Incorporate in NJ or form a(n) NJ LLC
Linden Example:
FAQs:
1. How will my business start, grow, and prosper?
2. Do I need to register my business even if I only have a business operated from home?
3. Do I need a business tax registration if I have already registered an LLC?
4. When do I need to get a business license? In what order do I get tax IDs and licenses?
5. What permits do I need?
6. So if I set up a corporation I still need to get a business license? Or is it the case that if I have filed an LLC or corproration I will not need a business license?
7. Why do I need a business license?
A: How the hell do I know whether my business will succed you are asking! Exactly our point! You do not need a formal business plan to start a business and to grow a business, but there are sample business plans on this site and it will not hurt to have one. Creating a real business plan is hard work and a pain. But it is hard work that will be rewarded. It forces you to think and come up with something real and doable. Remember: if you fail to plan, you are planning to fail.
A: Yes, because it does not matter if you operate from home. What matters is you are making profit and you need to register your business.
A: Yes, in addition to setting up an LLC you need to register for sales tax, employment tax and business tax if these apply to your business.
A: You need it immediately after or before you start a business. There is no order of getting licenses. You need to get them as soon as possible.
A: You need at least a business license and a DBA. If you selling taxable items, you will need a seller's permit. If you are an employer, you will need a federal and state employer number EIN.
A: No, all businesses and all forms of ownership need a business license.
A: You need a business license because government licensing authorities require you get one so you can pay them taxes and comply with safety and health related rules.