My friend and I want to start a business ( Inc. or LLC)so we can import various crafts and related articles fromI India

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My friend and I want to start a business ( Inc. or LLC)so we can import various crafts and related articles fromI India

My friend and I want to start a business with a name say, Lamington ( Inc. or LLC)so we can import various crafts and related articles from India . Do we have to obtain an import license in United States for that? If so, where can we find that information? How much would it cost to get that license. Should we get any insurance? If so, what kind? What company title would be better for this type of business – we are thinking LLC but not sure. How much would it cost? How should we start the process? Please advise on what steps should we take to register.

Asked on July 6, 2009 under Business Law, Maryland

Answers:

Cedulie Laumann / Arden Law Firm

Answered 12 years ago | Contributor

Your business venture sounds exciting.  You will need to at a minimum obtain a sales & use tax account in this state (so that you can sell items in Maryland and collect sales tax on those sales).   It is also a good idea to create a business entity (such as a LLC or corporation) to insulate you from liability.  Yes, you should also have insurance.  Typically a business policy designed for retail establishments will cover your basic needs. 

LLCs are often a good choice for a small start-up business.   My firm does this, although I do not believe the rules of this forum allow for any posting of specific prices.  You will need to register your business entity and/or trade name with the state and set up necessary federal & state tax accounts.   I would be welcome to chat with you about the process, or you can contact any licensed Maryland attorneys focusing on business formation.   


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