I would like to start a business where I buy precious metals for my
customers, both coins (numismatics) and bullion (rounds, bars, etc) both of
which are non taxable I believe. Essentially I would just be a 'middle man'
that does two things. Keep my customers anonymity, and save them the hassle
of trying to find the lowest price as well as the hassle of ordering it
(extended phone time). I would charge a fee per transaction, or total of
order. Colorado is the state where business is planned, and I planned on
running the business from home. My first question is...Do I need a dealers
license? A tax license? Second does keeping my customers anonymity violate
any laws? Money laundering etc? Thirdly, is a dealers license and a tax
license the same thing? Any help would be greatly appreciated. Thank you in
advance. Ian
Your state department of finance can help you with these questions. You will
probably have to register with them. You will also need to register your
business name and entity type with your state or county agency that handles
such matters. You may also need a sales tax permit. You may also need a
business license, which is obtained from your city clerk's office. (A
dealer's license is not a sales tax permit.) If you are required to obtain a
precious metals dealer's license, you obtain that from your city clerk's
office.
You may not be able to preserve the anonymity of your customers because you
will be required to keep detailed records open to inspection by your state
and possibly federal agencies.
JGabriel | Community Moderator | 1/10/2013 - 4:06 pm
ianmc74 | Window Shopper | 1/8/2013 - 12:27 pm
BizResearcher | Window Shopper | 1/8/2013 - 12:20 pm
probably have to register with them. You will also need to register your
business name and entity type with your state or county agency that handles
such matters. You may also need a sales tax permit. You may also need a
business license, which is obtained from your city clerk's office. (A
dealer's license is not a sales tax permit.) If you are required to obtain a
precious metals dealer's license, you obtain that from your city clerk's
office.
You may not be able to preserve the anonymity of your customers because you
will be required to keep detailed records open to inspection by your state
and possibly federal agencies.
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