How to apply for coin dealer?

Could any of you do me a favor to help?

How to apply for the coin dealer? what is the requirement?
Is there any website that I can apply the business licence in coin business field?
I only buy and sell coins online ,Do I need to have a physical coin store to apply for the business license?

Your response will be appreciated

 

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Are you referring to the Coin Dealer Newsletter?

http://www.greysheet.com/

Chris

 

If you’re talking about becoming a coin dealer, the only requirement is that you subscribe to the P.T. Barnum code of ethics. Other than that, your city may have specific requirements pertaining to licensing.

 

I don't think that was necessary.

Chris

 

But, true.

 

Come on bud. When one reads a post where it would be difficult to distinguish it from a childs 1st grade writing assignment; specifically the perverse number of errors it contains, one cannot help but laugh at the ridiculousness. This person might as well ask how does one get elected as the Galactic Federation of Species President. Why do we feel the need to police the threads like we are wannabe moderators? Don't you feel the mod breath on your shoulder enough as it is?

Here is my advice to the OP. And it extends past the "coin dealer" path: Learn How To Professionally Communicate! And before people start crying about how I am a big meany, I'M NOT. It's called REALITY. Name one major company in America where a memo could be sent out with those errors and not be flagged, reprimanded, RIDICULED, etc. Let alone being the first of a series of communications regarding this persons intent to enter our hobby as a "professional".

There is nothing wrong with criticism. The country as a whole would be better off if people were able to accept AND improve from it. So with that said, yes, it was necessary. It was his opinion to answer the post with humor, and I agree with it. So right now you are the minority.

 

"Do I need to have a physical coin store to apply for the business license?"

You are going to need to contact your state for this info. Start with your state's Department of Revenue for business and tax info.

 

Many cities have a "one stop shopping" office for business licensing. The OP's original post led me to believe English may not be his primary language. To him, I want to assure you that there is no special licensing for coin dealers in any widespread way. There are localities that may differ, however. Minnesota may be one such place.

 

OK, not a MAJOR company but Legend Numismatics?

As to the OP question, you just need a business license from you state to form just about any kind of business you want. you may have other local licenses that many be needed for the buying and selling of secondhand merchandise, or precious metals

 

Okay, now ROFLMAO. Yeah, our buddy Laura could use a proofreader, for sure. I chalk it up to being too busy to bother with it. Laura is good fun. Engage her on any topic and you'll get the Joisy Attytood version.

 

The states I've lived in do not issue business licenses. If there's a sales tax, the state issue a resale licence, which is used to purchase wholesale and file a sales tax return. As for an actual business licence, they have been issued by the city you operate in.

 

You could start out with an Ebay store and work your way up is you have not already.

 

Ditto. I've never heard of a state issuing a business license, though I haven't checked them all

 

It might be best to speak with representatives within your local town hall and find out the local requirements.

 

Contact your town/city/village clerk's office about filing a DBA, which will be your cheapest (up front) and easiest option. They "should" be able to answer any questions you may have, but if not, your local SBA office will do so.

 

My name is Chris, and if you had any smarts you would know it by now because it's on nearly all of my posts. At least it's on my two posts in this thread (three, if you count this one). If you are using "bud" as an indication of friendship, I suggest you try to give it your best to convey that to the OP. In the meantime, why don't you ask a question which might help us to answer his inquiry?

Chris

 

I agree with Chris. Your statement is narrow minded and not needed, not all coin dealers fit under your blanket statement. I'm all for humor but not at the expense of others.

As far as needing a business license it will depend on your state laws, you do not need a brick and mortar / coin shop to do this, but for doing specific things like buying scrap gold the regulations and laws are getting more in-depth and each state is different, some states make you hold it for up to a month before you can resell it. Best of luck to you!

 

@OldGoldGuy - my questoin is why...how does criticizing the OP or any other person help this conversation? I don't think its anyone's place here to do that. If the OP is making these kinds of grammer errors or typos at work, let his boss criticize him. This isn't his job, you are is not his boss, nor is anyone else here. The old kindergarten proverb rings true...I'm just sayin', If you don't have anything nice to say then think about not say'n it.

While I agree that the P.T. Barnum comment from statequarterguy was light hearted and funny, Chris's point was that it did nothing positive for the conversation and in fact put the conversation on a negative foot for the OP.

I for one am not going to criticize Chris for attempting to put this or any conversation back on the positive side, from my experience that's an achievement unto its self for Chris


@mintcollection -

Uhmm...not sure if that's a typo or what...if you are asking if there is a central body who divvies out coin dealer titles, then there is no such thing, if you are talking about the Coin Dealer news letter then Chris pointed you in the right direction.

as far as I know, the requirements to be a dealer are to buy and sell coins.

Most likely yes, but it will be a general business license, unless there are bullion requirements in your area.

Join the club...most here actually do this. I do to support my coin habit...eh hemm...I mean hobby.

No

If you are referring to the banner that you see under some folks cointalk avatar that says "Dealer" you need to upgrade your account to "Dealer" by hovering over your name in the top right of the screen, wait for the menu to drop down, select "Account Upgrades" and select one of the Coin Dealer options from that page.

Here's my version of what's needed for a business license, I live in Indian so your version may be different. Also know what I am not a business consultant nor a lawyer so do not hold me responsible for any of this until you do your own research.

I own (or have registered and am a managing member of) two LLCs. Most likely if you need a business license then an LLC is what you want to do. LLC Stands for Limited Liability Corporation. In Indiana you create an LLC online, fill out the online forms, pay some money (around $90), and bingo you now have an LLC with which you can do business under. You have to file an entity report every two years which just states the LLC still exists and creates another revenue stream for the state as each entity report costs around $30.

There are many kinds of entities though that you can create, the best person to talk to about whats best for you is an accountant...because 90% of the reason you create a corporation is for tax purposes.

My LLCs are not for coin dealing however, they are for my real estate investments and business.

But before you go creating an LLC and spending money you don't need to, put the breaks on and answer this. Why? What is your goal?

If you are going to rent a suite in a strip mall and run a coin shop out of there....yes you need an LLC.

If you are making so much money buying and selling coins on line that PayPal or some other entity is telling you they are going to report you to the IRS because you made over the threshold of what they don't have to report on, then yes, you need an LLC.

If your expenditures from buying and selling coins are so high that it makes sense to take them as deductions on your tax returns then Yes you need an LLC.

If the wealth you've accumulated buying and selling coins needs a tax shelter, or some sort of preservation mechanism, then Yes you need an LLC.

If you have employees and pay salaries to them, or if you have the need for a tax ID number so you don't pay sales tax when buying supplies for your business, then Yes, you need an LLC.

If all you are doing is buying and selling coins on line, then you are a coin dealer amid TONS and TONS of other here and no application or license is needed.

Again, find your own information out. It's entirely likely that there are discrepancies in my answers.

Answer the questions Why, and What is the goal.

Hope this helps.

 

OH @Tom B - I've sent you several PMs ...have you seen them?

 

What are you trying to do, ruin my reputation?

Chris