eCommerce Tycoon

**Skeeball** · 01-27-2007, 11:38 AM

Hello,

I help run a website for a professional athlete, and he wants to start a store that would sell autographed items, and things of that nature.

I know we would have to register as a solicitor if we were to give profits for charity, but what about if we just use it to cycle back profits back into the store? Like buying new items, and things like that? Are there any types of permits that are required by law, or anything I need to fill out before I start this? Also, would I have to pay taxes?

I live in the USA, by the way.

Thanks

**blue-dreamer** · 01-27-2007, 12:10 PM

If all the proceeds from sales go to the owner then he doesn't really need to do anything special apart from declare the income and expenses on his tax return. I don't know about the charity laws in the USA but a good accountant will put him straight - in the UK you can get tax breaks for charitable donations.

**colbyt** · 01-27-2007, 01:05 PM

The registered owner of the site may need a state or local business license for their place of residence. Also most likely you will need to apply for and obtain a sales tax permit for any state where the business has a physical presence. For sure the state of residence.

The Feds don't require anything but the tax $ on the net profit.