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Repair Business need to get a sellers permit to buy the parts wholesale and sell them retail. In addition, repair businesses need other licenses as discussed below after this short statistics note: In these economic times, consumers consider to repair their own things as opposed to buy a new appliance and or other object that can be repaired. That will help the economy growth of 1.2% over the next 5 years, with the repair industry revenue reaching $54.7 billion. At the same time the number of repair business locations will increase by a rate of 0.9%, reaching 231,033 over the five years. In addition, wages are projected to increase at an estimated average annual rate of 1.7% to $17.6 billion.
To obtain licenses for your repair business, first, select your repair business structure: Sole Proprietor, Partnership, LLC or Corporation.
The above step is important business all repair business documents will be filed under the type of business organizational structure. After that, you will need to obtain a repair business permit.
This is a general business permit that all new businesses must obtain.
In addition, all businesses must be identified by a repair business tax ID called a federal tax ID number or Employer Identification Number (EIN). If you file as a sole proprietor, you can use your social security number instead of the federal ID.
Then, a sellers permit is required if you sell repair merchandise wholesale or retail but the main reason is to buy the parts and sell them and install them on the repaired cars.
The repair sellers permit is also called state ID, wholesale ID, resale ID, or re-seller license.
If you are an employer, you will need a federal employer Number and a State Employer Number.
If you do business as a name other than your full legal name, for example, you do business as "Repair Ultra Service," you will need to file a doing business as (DBA) filing.
Finally, you have the option or incorporating or forming an repair LLC. Setting up as one of these corporate entities allows you not to file a DBA.
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