Having wholesale status at Halstead gives you some of the best pricing on your jewelry supplies. Our wholesale and tax specialists are providing you with all the information you need to register your business and become a wholesale approved jewelry business.
Has your hobby or side-hustle grown to something bigger? Do you find yourself wondering what comes next?
Congratulations, you are on the road to financial independence! Beyond an increase in sales, there are other perks to being an official small business owner.
- You now qualify for wholesale pricing
- You can open a business bank account
- You can accept credit card payments
- Enhanced trust with your customers
- Tax benefits of expensed business costs
Starting a small business may seem like a daunting task, but don’t get discouraged, there are resources that can help.
Free Resources To Start Your Jewelry Business
If you think you need additional advice after consulting with one or more of these, a CPA (certified public accountant) or a tax attorney can fill in the blanks, often for a fee.
Becoming A Wholesale Approved Business
Step 1. Determine how you will legally structure your business. The most common designations are:
- Sole Proprietor
- Limited Liability Corporation (LLC)
Step 2. Register your business and acquire your tax identification numbers. This process can take as little as a few days to as long as a month to complete.
- Federal Registration and Tax ID
- Apply for your IRS (Internal Revenue Service) EIN (Employer Identification Number) or your Federal Tax Identification Number: IRS Federal Tax ID Application
- State Registration - Register with your state (each state has its own requirements)
- State Tax ID - Get a State Tax ID Number (this is an additional step in many states)
- To understand your local registration and tax, please visit your local government websites.
Step 3. Now that your business is registered and you have your license and tax identification number, how do you qualify for wholesale status and discounts at Halstead and other suppliers?
- If you do not already have an account with Halstead, please create one.
- Submit a Wholesale Application
- Once received, we will email you a resale certificate for completion (a resale certificate is required to prove to your home state that purchases made by your business are for resale and therefore exempt from sales tax; each state has its own).
- Please include your business name, business mailing address, phone number, sales and use tax ID number, signature, and date (please note that a digital signature is not accepted by the states at this time; you must sign the form in your own handwriting)
- Return a signed copy of the resale certificate via email (a photo is acceptable as long as it is legible). You can also mail a resale certificate to us.
- Once the information on your resale certificate is validated and approved, we will update your account and notify you of your wholesale status.
What comes next? Please keep an eye out for our upcoming tax blog.
Written by Halstead's wholesale and tax experts Christin Grady and Brad Scott.