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lm90

? about Hagen's

6 posts in this topic

Taking a break from pouring, and have a question about Hagen's.

I am hoping this is a place where I can get it answered. They use to list a lot more things on their HSOforum catalog, but now you have to oder a hard copy. My question is do all of you that go through them have a Retail ID # if so how do you go about obtaining one IE cost, paper work involved, or is there another way around it? I know their prices on some things just can't be beat by anyone else that I have went through (Jan's,Barlow's)and a few others.

Thanks for any help you all can give me,

Lm90

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You have to get a buisness license which is around a 100 $. You will then be assigned a Fed. tax id #. The next step is applying for an excise tax exemption. This is obtained from the IRS. They will come out to your buisness and review the procedures on the 10% excise tax if you plan on manufacturing sport fishing equipment. Hagens sells components that can be used in the manufacturing process of fishing lures so if you get your excise tax exemption you can send a form 637 to Hagens and will not have to pay the 10% excise tax. You will have to file quarterly tax returns and pay 10% tax to the IRS for any lures that you sell. If you just want to make regular purchases (for personal use) from hagens give them a call. They can fax you an order form and give you a customer #. You will be charged the 10% excise tax on top of the list price. I hope this helps.

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Unless your going to buy huge quanities and re sell what you make just call in your order out of their catalog. That way there is no hassling with Uncle Sam.

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I order quite alot of supplies from Hagen's and the only thing I needed was my Sales Tax ID.

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Thanks ddsbyday!

I figured it out. Now I just need to decide if I want to apply for a assumed name or use my full name in the company name to save money. I will also have to decide what inventory structure I will use, and decide if I want to go as for as starting a LLC to protect my butt against some of the money mongers out there if one of them was stop by the shop and fall(funny how that can happen in the middle of the summer).

Walleye4, MN doesn't have a retail tax number I guess, just the FED Tax ID # and to get it you have to be a licensed business in this state. Oh I can feel the joy of paying Quarterly taxes coming on(sorry for the sarcasm).

Thanks,

LM90

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If you are going to sell to retailers you will want the LLC. I looked and the fee was 160$ last year. If you have an attorney friend they can set up your organization. Since you are working with hazardous materials I would not list any employees. OSHA is not a govermental agency you want to deal with when starting a small buisness. Good luck.

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