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13/11/10

Buying and Selling Wholesale Items – What Exactly To Know (Part 1)

In most cases buying wholesale products and selling them is a profitable business. But there is more to this concept than most people know.
Before you get started on selling your items like wholesale Italian charms, here are some things you need to know before getting them out of the market.
Get a Tax ID
It’s important to get a federal tax identification number before selling your wholesale items. Getting one is easy and you can get all the information you need through the IRS website.
The purpose of getting a business tax ID is it makes it possible for you to open a bank account under your business’ name which can help you organize your finances by separating your personal from your business taxes.
Besides, sellers of wholesale items require a tax ID number as proof that they are a legitimate business.
Get a Vendor’s License
People who get into this kind of business tend to sell their products in different places and not just online where you can simply contact ebay.
Should you think about selling your items in places like flea markets, local stores, fairs or even festivals then you will be required to show your vendor’s license.
To get one you will need to visit your state’s website where you can obtain a downloadable application form.
Check back for the second part on:
* How To Shop for Wholesale Items
* Why You Should Consider Drop Shipping
* Learning B2B’s and Profitting From It

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