I would highly recommend talking to a lawyer first.  They will be able to tell you why you need to register as a business before you buy or sell anything and can even recommend the best type of business for your plans.  They'll also have a better idea what might be required of you legally to import jewelry into the US if any.  In short, a lawyer will be able to answer all your questions and make sure you are best prepared for whatever legal issues might come up.

Ama, If you and your friend have an idea that you'd like to turn into a legitimate business, you should seriously consider writing a business plan as your first step. I know it doesn't sound like a lot of fun, but you need to look at it as the 'Discovery Phase' of your fledgling partnership and business. As the two of you work on it, you'll most-likely discover each others strengths (and weaknesses), the right corporate structure for your particular situation and of course the permits, licenses and other really, really important stuff that you'll need to do in order to make that plan a reality. Every successful business has one and is can be one of the best teachers you can initially have. I hope that helps in some way and best of luck to the both of you! Regards, Tony O

@Ana -   Your post was not deleted.  It was posted in a portion of the Community that was not visible to other users, so I moved to the appropriate forum - Starting and Registering a Business.  You can view the post here: http://community.sba.gov/community/discussion-boards/discuss-popular-top...

I can't comment on the importing of the goods but I can say that you should probably form an LLC before you begin selling. A couple of reasons to do this: 1.) You will want to share profits and open a bank account together so that your sales go into a single shared bank account that you open for your business. 2.) Having a business protects you from any sort of legal issues that might occur. I realize this is rare but better to play it safe. If someone for instance hurt themselves on your product and sued you, your house could be taken if they won the settlement if you don't have a business. A corporation or LLC protects you from this as only the business itself is at risk. There are many cheap and easy ways to get a business started online such as TheCompanyCorporation.com (www.inc.com) which I've used to form my own LLC for my business. You might want to get started sooner than later. It might only take a full 2 weeks to have everything settled and you will have your first business.   BTW, I think Amrita Singh does the same thing with Indian jewelry and makes a small fortune so good luck! http://www.amritasingh.com/