Normally most statutes for buyers of gold and other precious metals reads like this: a No person may engage in or carry on the business of purchasing gold or gold-plated ware, silver or silver-plated ware, platinum ware, watches, jewelry, precious stones or coins unless such person is licensed by the chief of police that means that you need to be fingerprinted and a background check is performed on you even for selling used merchandise.
This does not apply to the purchase of such items from a wholesaler by a manufacturer or retail seller whose primary place of business is located in this state. After you get a license for buying gold from individuals, i. Each such licensed person shall demand positive identification from the person selling the article and the type or form of identification received shall be noted in the record.
Any state police officer or municipal police officer shall have access to the record required to be kept under this section and may inspect the place where the business is carried on as well as any goods purchased or received. Each such licensed person may only pay for goods received by check, draft or money order and no cash shall be transferred to either party in the course of a transaction subject to the provisions of this section. Such sworn statement shall not be deemed public records for the purposes of the Freedom of Information Act.
Starting a business means going from the top to the bottom. You start at the federal government with the IRS, if you incorporate or form an LLC because you need a federal tax ID -- same goes if you are an employer.
Then go to the state government with the State Internal Revenue Service to register a corporation or form an LLC and get a seller's permit to buy wholesale, and then depending on your next step, stay at the state level or go to the county before heading down to the city and local level.
At the federal level your are required to obtain tax ids to identify your business for a fairly simple purpose. The IRS identifies things for tax returns based on numbers. Without those numbers, you will be unable to file the necessary tax returns, nor file them correctly. At the state leve you are required to file for your ids not only for identification, but to open the accounts into which you will pay your taxes, as well as to gain the id numbers necessary to establish business relationships with other business, as well as legally employing your employees.
At the local level, you are required to register your business for three reasons. The payment of taxes, the certification that your business as you wish to establish it is legal, and the actual factual registration of your business for police and emergency service needs.
The federal tax ID is nothing less than a social security number for your business especially if your business is a corporate entity or a partnership, allowing you to file tax returns for your business seperately from those you file for yourself.
The Federal Employer Identification Number is an ID number that establishes with the federal government that you can have empoyees so you can pay employement and unemployment taxes. This allows you to claim some losses as wages paid to employees, and therefore pay your employees without being taxed on that money as if you never lost it in the first place.
Join Date Nov Posts Are you talking about running a business or trading your own posessions? If it's a business dealing in second hand items, then you have to acquire a license from your local municipality in all but three states. Those states are Kentucky, Montana, and Wyoming. If you're just buying or selling a few bars of silver for your personal use then you don't need a license.
Join Date Mar Posts 5, In my country and neighbouring, such licenses only apply to dealers that store customers silver, ie silver that was bought but not delivered, to avoid tax and thus to allow playing the paperplay, quick buy quick sell. I see a license to deal precious metals as a rude government interference with peoples property.
PM's are used in monetary roles, so it comes down to requiring a license to use money that they can't inflate for thievery purposes. Join Date Aug Posts 1, Join Date Oct Posts 25, Join Date Mar Posts Originally Posted by questioneverything.
Join Date Jun Posts 4, Here in Georgia you need a business license if you buy anything with the intent to resell for profit. This is to make sure those who deal in the metals are following the rules. Create Account Forgot Password? Previous Next. Precious Metals Dealer License. Get Started. But before you begin, determine whether you need a precious metals dealer license.
Coin dealers and jewelry stores typically do need this business license, though requirements vary from state to state. Other Responsibilities for a Precious Metals Dealer Once you get approved for your precious metals license, you will be responsible for renewing it annually and paying the fee every year.
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