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Banking in USA

Caribbean Banking

Do you live in Puerto Rico or the Virgin Islands? Establishing a company bank account for a “mainland” business has been a challenge. We have been working with First Bank to make it easier. After your Florida LLC is established, contact Hernando Novoa | 305-479-7468 | hernando.novoa@firstbankfl.com

Hernando should arrange to open the account in Florida but have the papers signed at your local branch.

Harris Bank

Please contact Bob TURMELL via email: robert.turmell@bmo.com or telephone: 800-939-7298 x4658. Bob says that he may be able to open an account even if your LLC is not in your home state. There may be a monthly account fee of $8.00 or a minimum daily balance is $1,500.00.

Once you have your physical bank account established, you can start collecting revenue from your web site with PayPal.com

Sign up for PayPal and start accepting credit card payments instantly.

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SOS Updates

NEVADA
(Carson City, NV; March 8, 2012) — Effective immediately, based on approval of Regulation 080-11 by the Legislative Commission’s Subcommittee to Review Regulations, entities such as corporations, LLCs, etc. formed pursuant to Title 7 of the Nevada Revised Statutes are ineligible for the state business license home-based business exemption. This regulation clarifies and reinstates the original home-based business exemption as defined by the Legislature in 2003.

“My office will be enforcing the home-based business exemption in accordance with the original intent of the Legislature, which will level the playing field for the many businesses that have been compliant and paying the appropriate fees,” said Secretary of State Ross Miller.

Title 7 entities claiming a home-based business exemption on their annual list filing after March 8, 2012 will be returned to the customer for correction and to apply for the state business license.

The regulation clarifies that the home-based business exemption applies only to natural persons, i.e. sole proprietors or general partnerships who meet the requirements of the exemption.

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Articles

Banking in Canada

Harris Bank

Please contact Harris Bank by telephone: 800-939-7298 x4658. There may be a monthly account fee of $8.00 or a minimum daily balance of $1,500.00.

Once you have your physical bank account established, you can start collecting revenue from your web site with PayPal.com

Sign up for PayPal and start accepting credit card payments instantly.

Accounting

If required by suppliers and drop shippers, the Canadian equivalent of these America licenses would be GST/HST/QST. Please contact Revenue Canada for details.

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eCommerce

If you are unfamiliar with online businesses, you may find Getting Started with the Internet helpful.

 

DropShippers and licenses and permits

You should work with your coach to verify if this information is accurate for your business. If your suppliers tell you that you need a resellers permit, then some of this information may be helpful. We are not involved with eCommerce internet online business coaching and have only provided this information as a starting point until you have a chance to get guidance from your coach.

Be aware that your business activity will usually require multiple licenses and permits depending upon the city, county and state that you live in. Please call the state department and your local county / city departments responsible for issuing licenses and permits and collecting taxes for details. If you live in Canada, you should check with your local tax authorities to determine if you need to obtain an HST / GST number.

If you have a Delaware company, there are no state or local sales taxes in Delaware and as such, sales tax exemption certificates and reseller certificates are not applicable to Delaware. See http://revenue.delaware.gov/services/Business_Tax/Exemptions.shtml. For an overview of the approach Delaware is taking towards online businesses, read more here. Contact the state of Delaware for further information.

Most states require a sales tax permit only if you have a physical presence (sales rep, store, warehouse, etc.) in that state.

Nevada requires a State Business License for your Nevada LLC. It is part of the Minute Book that we send you and is not the same as a reseller’s permit.

Click here for more details if you do not live in Nevada and have a Nevada LLC.

If you live in Nevada, you can contact the State of Nevada Department of Taxation at 866-962-3707 for details on the state sales and use tax license.

Sales tax and resales permits

If required by suppliers and drop shippers, the Canadian equivalent of these America licenses would be GST/HST/QST. Please contact Revenue Canada for details.

NAICS code

A common question that is asked by people getting a “reseller’s permit” from their state department of revenue / taxation is “What is my SIC or NAICS code?”. You can search for the NAICS code for your business type here. We have found that the code 454111 is appropriate for some types of internet sales, so please verify your particular business activity. The NAICS code should reflect your business activity. If you are not sure what the code for your business should be, contact your internet business coach.

You are responsible to monitor the changes to state laws – contact a financial professional to be sure. States change their tax rules without warning, and you are responsible for keeping up-to-date.

NEWS. You may have heard about the “Amazon Tax” and the effect it is having on affiliates, drop shippers and entrepreneurs. Here is a link to a discussion of the impact on your state. Talk to your coach about any changes you need to make to your on-line strategy.

UPDATE
9 Nov 2011 A Senate bill introduced today has reignited a long-simmering debate over whether Americans should be required to pay Internet sales taxes when they go shopping online.

2 Feb 2012 USA Today says Momentum growing for sales taxes on online purchases

4 Feb 2013 Connecticut residents will pay sales tax on Amazon orders starting in November

Foreign Registration

If your LLC is not registered in your home state, then you will need to obtain a “certificate of existence” or a “certificate of authority” or a “certificate of good standing” and a “foreign registration” to have your out-of-state LLC registered in your home state in order to obtain a sales tax permit in your home state.

Obtain a Short Form Certificate of Good Standing from the State of Delaware. This document will be required by Massachusetts as evidence that your Delaware LLC actually exists. The web page with the link to apply for the Certificate is http://corp.delaware.gov/certmemo.pdf. Use the Company name and Delaware Certificate of Formation File Number located in the upper right corner of the Formation document where the form asks for “Certification Request Information”. Select the “Short Form Good Standing” Certificate.

Obtain a Certificate of Good Standing from the State of Nevada. This document will be required by your state as evidence that your Nevada LLC actually exists. The web page with the link to apply for the Certificate is http://www.nvsos.gov/index.aspx?page=4 and the link takes you through a series of pages to register for an account with Nevada and to order the certificate. The certificate is placed in your Nevada account under the heading Job History, and usually becomes available after 30 minutes or so, so just keep checking the web site until the document is available.

States only issue permits for companies that are registered in that state. This ties into a point about bank accounts. If you are going to have to get a foreign registration for your sales permit in your home state, then you can also use that same foreign registration to open a bank account with a local bank or credit union.

 

 

DropShippers and licenses and permits

If you are unfamiliar with online businesses, you may find Getting Started with the Internet helpful.


You should work with your coach to verify if this information is accurate for your business. If your suppliers tell you that you need a resellers permit, then some of this information may be helpful. We are not involved with eCommerce internet online business coaching and have only provided this information as a starting point until you have a chance to get guidance from your coach.

Be aware that your business activity will usually require multiple licenses and permits depending upon the city, county and state that you live in. Please call the state department and your local county / city departments responsible for issuing licenses and permits and collecting taxes for details. If you live in Canada, you should check with your local tax authorities to determine if you need to obtain an HST / GST number.

If you have a Delaware company, there are no state or local sales taxes in Delaware and as such, sales tax exemption certificates and reseller certificates are not applicable to Delaware. See http://revenue.delaware.gov/services/Business_Tax/Exemptions.shtml. For an overview of the approach Delaware is taking towards online businesses, read more here. Contact the state of Delaware for further information.

Most states require a sales tax permit only if you have a physical presence (sales rep, store, warehouse, etc.) in that state.

Nevada requires a State Business License for your Nevada LLC. It is part of the Minute Book that we send you and is not the same as a reseller’s permit.

Click here for more details if you do not live in Nevada and have a Nevada LLC.

If you live in Nevada, you can contact the State of Nevada Department of Taxation at 866-962-3707 for details on the state sales and use tax license.

Sales tax and resales permits
If required by suppliers and drop shippers, the Canadian equivalent of these America licenses would be GST/HST/QST. Please contact Revenue Canada for details.

NAICS code
A common question that is asked by people getting a “reseller’s permit” from their state department of revenue / taxation is “What is my SIC or NAICS code?”. You can search for the NAICS code for your business type here. We have found that the code 454111 is appropriate for some types of internet sales, so please verify your particular business activity. The NAICS code should reflect your business activity. If you are not sure what the code for your business should be, contact your internet business coach.

You are responsible to monitor the changes to state laws – contact a financial professional to be sure. States change their tax rules without warning, and you are responsible for keeping up-to-date.

NEWS. You may have heard about the “Amazon Tax” and the effect it is having on affiliates, drop shippers and entrepreneurs. Here is a link to a discussion of the impact on your state. Talk to your coach about any changes you need to make to your on-line strategy.

UPDATE
9 Nov 2011 A Senate bill introduced today has reignited a long-simmering debate over whether Americans should be required to pay Internet sales taxes when they go shopping online.

2 Feb 2012 USA Today says Momentum growing for sales taxes on online purchases

4 Feb 2013 Connecticut residents will pay sales tax on Amazon orders starting in November

Foreign Registration
If your LLC is not registered in your home state, then you will need to obtain a “certificate of existence” or a “certificate of authority” or a “certificate of good standing” and a “foreign registration” to have your out-of-state LLC registered in your home state in order to obtain a sales tax permit in your home state.

Obtain a Short Form Certificate of Good Standing from the State of Delaware. This document will be required by Massachusetts as evidence that your Delaware LLC actually exists. The web page with the link to apply for the Certificate is http://corp.delaware.gov/certmemo.pdf. Use the Company name and Delaware Certificate of Formation File Number located in the upper right corner of the Formation document where the form asks for “Certification Request Information”. Select the “Short Form Good Standing” Certificate.

Obtain a Certificate of Good Standing from the State of Nevada. This document will be required by your state as evidence that your Nevada LLC actually exists. The web page with the link to apply for the Certificate is http://www.nvsos.gov/index.aspx?page=4 and the link takes you through a series of pages to register for an account with Nevada and to order the certificate. The certificate is placed in your Nevada account under the heading Job History, and usually becomes available after 30 minutes or so, so just keep checking the web site until the document is available.

States only issue permits for companies that are registered in that state. This ties into a point about bank accounts. If you are going to have to get a foreign registration for your sales permit in your home state, then you can also use that same foreign registration to open a bank account with a local bank or credit union.

The new editor comes with a handful of default blocks such as paragraph, image, gallery, and more, to help you create better standard posts and pages.

The new editor comes with a handful of default blocks such as paragraph, image, gallery, and more, to help you create better standard posts and pages.

Rock Solid Standards

The new editor comes with a handful of default blocks such as paragraph, image, gallery, and more, to help you create better standard posts and pages.