So, my friends and I have recently started to talk about starting a business. We came up with a name, have some starting capital, and delegated roles.
Our business is going to be a card shop (selling/buying individual cards from various card games), and we plan on launching both online and in a physical store.
To get to the point: We don't know where to go from here. We discussed a few things which we would love for others to help us out on:
1) Taxes. How do we keep track of sales? Do we write down each transaction in a notebook? I heard that we have to keep receipts for purchases we make in order to write them off as a sales expense. How would that work when it comes to buying individual cards from players who want to sell them to the store?
2) Are there any state licenses we have to get in order to sell cards?
3) Is there some legal process we have to go through to actually become a "business", or can we just start essentially whenever once we get the whole "tax" ordeal figured out?
I might be missing some things, but those what we are worried about when it comes to starting the business. Any help would be greatly appreciated.
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