Expert: Marvinator - 6/24/2004

Question
Hello Marvinator,

I thank you for answering my questions a few weeks back, you helped me out with the questions I had.
Just to recap I am NEW to ebay I am just in the process of asking questions and reading books to learn as much as I can about ebay before I jump into it. I do want to Sell on eBay this is my main objective as well as Buy too.

Well my question would be:

I would like to know if you could tell me or guide to the best business structure for starting an eBay business?

(Example):  This was my plan/structure for starting an eBay business, I would appreciate if you could tell me what you think of it.

1)make up a Business name
2)open/apply for a Debit card at bank (for use for ebay and paypal instead of using my own personal credit card and checking account)
and open up a seperate checking account Just for eBay business
3)apply for a Tax ID or sales ID number as to be able to buy wholesale items to resell on ebay


Now what would be your structure you think would be best, I want to have a legal business, paying taxes the whole bit.  ???

~MJ

is there abook you know of as well or info on the net I can find info about any of this..  

Answer
This is a good start, but I"d offer a couple more thoughts to your business plan.  

1) Contact a good CPA or Tax attorney and find out what kind of bookkeeping records you will need to have for the IRS.

2) You will need a plan of not only WHAT you will sell, but how you will BUY these items and WHERE you will store them before they are sold.  

Looks like you're well on your way.  Feel free to come back anytime and ask more questions.