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Starting a(n) Business Licenses & Tax IDs
Hi, I'm Matthew 17238 Fishing Tackle

Fishing tackle: Selling hand crafter bait rigs online and to local businesses, base of the business is at my home address, I buy supplies from online to craft rigs to sell to local fishermen : Basic Business Registration RequirementsA business selling handcrafted fishing tackle requires general ..., Matthew.
Hi, I'm   Fishing Equipment Fishing Tackle

FAQs - More...
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Alright, ready to reel in the details for starting your fishing tackle business and online resale shop! Starting off with some stats to give you an idea of the industry vibe:

Industry Snapshot

The global fishing tackle market is swimming at about $15 billion and growing steadily as more people embrace the outdoors. Handcrafted fishing rigs? People love unique, high-quality gear that can’t be found in big-box stores. And resale, especially online, is a booming business with the resale market projected to hit $53 billion soon. So, whether it’s bait rigs or secondhand treasures, there's cash to be made.

Capital & Equipment Needed

Starting an online and home-based business keeps your upfront costs on the lower end. Here's a breakdown of what you might need for both sides of your business:
  • **Crafting Supplies for Bait Rigs**: Hooks, line, beads, blades, sinkers – expect an initial investment of around $500 - $1,000 to get a decent stock of materials for various rig types.

  • **Shipping & Packing Supplies**: Bubble mailers, boxes, packing tape – around $100 to get started.

  • **Online Store Setup & Software**: Budget about $20 - $50/month for a good e-commerce platform.

  • **Miscellaneous**: Business cards, a domain name, and some basic advertising. Let’s say another $100 for the basics.
    • For your resale shop, since your supplier is handling inventory and fulfillment, your costs are primarily in website maintenance and marketing, so it's pretty lean!

    LLC: The Lowdown

    Setting up an LLC (Limited Liability Company) is usually a smart move. Here’s why:
  • **Liability Protection**: Keeps your personal assets safe if something goes sideways. Let’s say a customer somehow finds a way to injure themselves with a fishing rig (unlikely, but who knows) or a resale product has an unexpected defect. An LLC helps shield your personal bank account from these scenarios.

  • **Credibility Boost**: “LLC” after your business name adds a touch of professionalism, which can be reassuring for customers – especially when selling handcrafted goods.

  • **Flexible Tax Options**: LLCs have flexible tax structures, allowing you to choose how you want to be taxed (as a sole proprietor, partnership, or even S-Corp). This can help you save some dollars when tax season rolls around.

    • Seller’s Permit: Essential for Reselling & Retail

    Yes, you’ll need a seller’s permit since you’re in the business of selling physical goods. Here’s why:
  • **Sales Tax Collection**: With a seller’s permit, you’re able to collect sales tax from customers where required. When you buy supplies wholesale for your resale shop or materials for your fishing rigs, having a seller's permit can allow you to avoid paying sales tax on those purchases since they’re being used for resale.

  • **Compliance**: Operating without one in a retail business is a no-go, as most places expect you to have a seller’s permit if you’re selling tangible goods to the public.

    • Other Permits & Registrations

    Since you’re working from home and making handcrafted goods, check out these additional registrations:
  • **Home Occupation Permit**: Often required for running a business from home, especially one that involves manufacturing (like handcrafting rigs) or storing inventory.

  • **EIN (Employer Identification Number)**: Think of this as your business's social security number. It’s used for tax purposes, and even if you’re a one-person show, it’s helpful for separating your business and personal finances. Plus, it’s required if you ever hire employees.

  • **DBA (Doing Business As)**: If you’re planning on using a name other than your own personal name or the LLC name, you’ll need a DBA. For instance, if you’re calling your business something like “Reel Deals and Feels,” you’ll want this so you can legally operate under that name.

    • Example Setup for Your Business

    Let’s say you go with “Catch More with Corey LLC.” You register the LLC, get a seller’s permit to collect sales tax, and snag an EIN for your business bank account. For crafting at home, you check on any local requirements for a home-based business and grab a home occupation permit if needed. Now, if you also want to use “Fishin’ Finesse Rigs” as a catchy name for your line of products, you’d file for a DBA so you can legally use that name in marketing and sales.




         


    Market Snapshot & Initial Investment

    The fishing tackle industry is reeling in impressive numbers, with the global market valued at $13.2 billion in 2023. Online handcrafted fishing gear represents a growing niche, perfectly positioned for artisanal creators. For your home-based operation, expect initial capital requirements of $2,000-$5,000 covering:
  • Basic tools (pliers, crimpers, scissors): $200-300

  • Initial inventory (hooks, lines, beads, swivels): $500-800

  • Workspace setup (storage, lighting, organization): $300-500

  • Website/e-commerce platform: $300-600 annually

  • Photography equipment for product shots: $200-400

    • Business Structure Considerations

    LLC vs S-Corp analysis for your tackle business:
  • LLC: Ideal for home-based crafters, simpler structure, pass-through taxation

  • S-Corp: Better if expecting significant growth, helps with self-employment tax savings

    • Essential Numbers & Documentation

    EIN (Employer Identification Number):
  • Acts as your business's social security number

  • Required for opening business bank accounts

  • Needed for tax filing purposes

  • Protects your personal SSN in business transactions

    • Seller's Permit Requirements

    Your handcrafted fishing tackle business would need a seller's permit to:
  • Purchase supplies wholesale without paying sales tax

  • Collect and remit sales tax on transactions

  • Establish legitimacy with wholesale suppliers

    • Record Keeping Setup

    Essential systems to establish:
  • Inventory management system: $20-50/month

  • Accounting software: $30-60/month

  • Order processing system: $25-45/month

    • Online Presence Requirements

    E-commerce essentials:
  • Domain name registration: $12-15/year

  • SSL certificate: $70-100/year

  • Payment processing setup (2.9% + $0.30 per transaction typical)

    • Storage & Fulfillment

    For your dropshipping component:
  • Inventory management software integration: $30-50/month

  • Supplier coordination systems: $25-40/month

  • Order tracking capabilities: $15-30/month
    • Fish enthusiasts often say "a bad day fishing is better than a good day working" - but in your case, you'll be making fishing part of your workday! The beauty of this business model is its scalability from a craft hobby to a full-scale operation. Would you like more specific information about any of these aspects of your business setup?




         


    Fishing tackle: Selling hand crafter bait rigs online and to local businesses, base of the business is at my home address,  I buy supplies from online to craft rigs to sell to local fishermen : 

    Basic Business Registration Requirements

    A business selling handcrafted fishing tackle requires general business registration, including an Employer Identification Number for tax purposes and business entity registration (such as sole proprietorship or LLC). A sales tax permit enables the collection and remittance of applicable taxes on tackle sales, both online and local.

    Home-Based Business Requirements

    Operating from a residential location necessitates:
  • Home occupation permit

  • Zoning compliance verification

  • Business license specific to home-based operations

    • Industry-Specific Requirements

    For fishing tackle manufacturing and sales:
  • General business liability insurance

  • Sales permit for sporting goods

  • Product liability coverage specific to fishing equipment

  • Cottage industry certification for handcrafted items
    • âś” Biz Structure

    You can choose to be a(n) Fishing Tackle :

    • Sole Proprietor,
    • LLC,
    • Corporation or
    • Partnership.
      After you decide and select your business entity, you need licensing.


    âś” Biz License


    Needmore Business Tax Registration ( Business License)
    All businesses including home, online or mobile BUSINESS need a BUSINESS license because they are BUSINESSES.


    âś” DBA Biz Name

    A(n) Fishing Tackle business using a fictitious business name in Fulton County i.e. you are a business with a trade name other than the owner's legal (full name) name are required to get a(n) fictitious business name.   For instance you open a(n) Fishing Tackle business and you name it "Superior Fishing Tackle Group". You will need to file a fictitious business name for that name.
    âś” Seller Permit

    In addition note that in PA you may also need a seller's permit if you sell merchandise that is taxable.  (A.K.A state id, wholesale, resale, reseller certificate, about $39 for most states).
    Seller's Permit

    âś” Federal EIN


    Note: All businesses need a federal tax ID number except sole proprietors that are not employers and are not independent contractors.
    An independent contractor is a self employed business person that receives more than $600 per year from anyone of his or her clients.
    IRS rule: The client must issue a 1099 form to the independent contractor and the independent contractor must have a federal tax ID. However, even sole owners may obtain a federal ID and use it as a business tax ID instead of using their own social security number as a business tax ID number.
    However, all other licenses that apply to sole proprietors as discussed here are requited regardless of getting a federal tax ID number.

    âś” State EIN

    In addition you will need a federal and a state EIN if you will hire employees. I.e., a PA Federal Tax Id Number ($29)  and a(n) PA  State Employer Tax Number  

    âś” L L C

    Instead of filing a fictitious business name DBA Filing (about $49 plus state and legal newspaper publication fees) in Needmore, Incorporate in PA  or form a(n) PA LLC     . 

    You have a choice to file a DBA or form an LLC or incorporate. There is a cicrcumstance that you may not need to register a trade name and that is when you use your full name as a business name if you use your full legal name as a trade name.
    Also note that even using your first and last name may not help you avoid filing a DBA if the name has a suffix such as "& sons" etc.

    âś” Incorporation


    If you do form an Other llc or incorporate (about $49 plus state fees for most states) your Fishing Tackle business instead of just filing a fictitious business name (dba), that insurs that you don't have personal liability for debts and civile liabililty arising from your business dealings and you will not have to record the Needmore business name. Instead of just registering your Fulton County assumed business name (our fee includes assumed business name registration and legal newspaper publication) you can choose to setup a corporation in PA or form an PA LLC (starts @ $49 plus state fee for most states & includes required documents such as bylaws for the corporation and Limited Liability operating agreement for the LLC). .
    		 
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