sales tax in stores?

What about LIRA, you pay once for the year and its cheap. The meetings are in commack and there are younger guys there.

There's also NY Reef club which meets closer to you, and then Brooklyn Aquarium society. Not sure which one you already went to, but I go to the LIRA meetings.
 
young like 20 or something cause if so maybe ill join when i am allowed to drive alone which is 6 months after i get a learners permit so figure around january 2012 because my parents would never drive me there and pick me up.
and ny reef association was the one that i was told about i think but its more of an older crowd in the pictures and the place i got banned from was an online forum. you live in new york so im sure you know which one im talking about... the local one..
What about LIRA, you pay once for the year and its cheap. The meetings are in commack and there are younger guys there.
 
the one your talking about, i looked it up on google and it says an hour and 10 minute drive so i really dont think i can go to that one but maybe the ones closer like i said 6 months after i get my driving permit i can drive alone from 5am to 9pm so i can probably go to a closer one.
Im 29 and my brother is 26, we both go. There are a couple guys that I think are younger and a couple people bring their kids.
 
Well there is always a lecture. Usually an hour or longer and we get some great speakers from all over. Then there is an auction for corals and the prices start at $2-5 each and there are always some choice pieces. Plus there are 4 reef tanks there to stare at.
 
ohh sounds cool but honestly i wouldn't drive that long for that. or even go to the one close to me because i know i will go like one time and then get bored and never go again. i just like the online forums but now im banned from the local one and frag swaps....which i cant go to... now you see why im so mad lol.
Well there is always a lecture. Usually an hour or longer and we get some great speakers from all over. Then there is an auction for corals and the prices start at $2-5 each and there are always some choice pieces. Plus there are 4 reef tanks there to stare at.
 
Basically, You need the resell permit so that you do not have to pay tax when buying wholesale. you would collect the tax from the person who buys from you and pay those taxes when the time comes.

you need the business license to prove that you run a legitimate business (in a non-residential area)as they don't want people selling out of homes, garages or ebay. and undercutting LFS', which would put them out of business.

most will also ask for 3 trade references from wholesalers you do business with. i.e. invoices from past orders with other wholesalers.

most will also want a voided copy of your business check faxed to them as well as your business email, phone, and fax numbers.

and your business checking acount on file, or a major credit card on file.

usually minimum orders are around ($300 - $350.00), not including shipping. add shipping on top of that. anywhere from 50 - 75.00 per box. (could be more or less depending how far your live from distributor.) Usually, they ship via the airlines, meaning you would have to go to the airport to pickup shipments. If you live close, you may be able to pick-up the coral yourself or have it shipped with courier.

I would not put any coral from a wholesaler in a display tank directly without being quarantined first, you would need a separate frag tank just to quarantine your new shipment of corals and then another tank to move the frags to.

anyways, this is my experience. there may be some out there that require more, or less. All the wholesalers I have experience with are here on the west coast, I'm not sure If they operate any differently over there.
 
if you pay with cash, sometimes the store wont charge you tax so they dont have to claim the sale as revenue/income. also it makes it cheaper for the customer too.

for instance, $90 for a fish... paying cash, $90, using credit card $90+tax.
 
Eh. Technically you dont have to collect sales tax as a business unless you get caught not doing so. However charging your customers tax then transferring it to the IRS is a lot easier than say...spending a few years in federal prison for not doing so. There's more to "hobby income and hobby losses" than "are you trying to make money." If you're making money then it still has to be reported as income regardless of whether its a hobby or a legitimate business. However trying to write off a loss is where hobby or business is important. Its best to play it safe when dealing with the IRS.
 
The best advice I can give is to just collect corals you like. Grow them in your tank. Eventually they will outgrow your tank. This is when you frag things. You don't need a separate tank.

I have fragged my tank 3 times in the last 2 months and netted about $1000. You can hardly tell I cut anything.

If you try to buy wholesale often you end up getting stuff nobody wants, stuff that has problems, and on occasion they will put stuff you don't order in your box and charge you anyways. A fish store would have no problem doing that. Some random person in their basement will have an issue.

Most people who do what you propose end up loosing everything. What started as a way to make some "easy" money ended up costing them hundreds or thousands of dollars. Take my advice. Focus all of your energy into making your display stellar. Give it a few years to mature and start selling frags right out of it. It is the way to go.

Avoid stuff that grows like weeds. Takes up too much room and you can't give it away.
 
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