You would have to be an idiot to create an LLC in California for a reseller business. The annual fee alone will eat your profits like Pac-Man. $800 a year regardless of how much money you make. If your profit after all expenses is 2500 a year you will still have to pay the state 800 bucks to have that LLC. The average profit net profit on a sale on a major platform like stockX is between 40 to 60 bucks. Any platform or store that charges a commission on the gross sale is robbing you. In Cali you pay 237 retail for a yeezy and on average you sale foe 300 then the platform takes 30 bucks from you. Then there’s the cost for the box to ship, gas, wear and tear on your car driving around to pick up shoes, and if you are using credit cards you are playing with 🔥. I am saying this to get people to think. If It doesn’t make dollars then it doesn’t make sense. You need to cop like 10 pairs every release and even then you better keep your day job.
I agree if you only intend to be a reseller.., but starting a LLC can lead to wealth outside of just reselling. I started my LLC as a reseller but was able to build my business credit, get a business credit card, then a business loan that I used to remodel my condo, that then turned into a rental property.
Did you ever drop those other videos? Sitting on a few hundred thousand in inventory and was looking to do this. Have business & tax attorneys as well as accountants. I’m interested to hear more of what you have to say tho as you’re doing it yourself and in this space versus them for $250 an hour telling me what’s the best. I believe there’s a silver lining for me from hearing out both.
Do you have to have an LLC to get write offs on your taxes (ie gas, business expense, mortgage) or can you just write those off as a sole individual. I mainly sell via resell platforms so not sure if I'd need LLC protection on myself.
I'm trying to file my LLC on incfile and its asking what industry does my business fall under. What do I put? it doesn't give me the option for E-commerce or entrepreneurship
If you don't mind sharing what area in business you went into? Currently looking at my university curriculum. So many different areas in Business ... thanks. Love your channel bro!
We should just go back to paper money they are always going to raise rates and hidden fees we already have to pay the site now taxes everything bout to go up
So what’s up with Jordan 11 Cool Grey exclusive access on jd/finishline bc it’s showing it but i can’t redeem it or i have to wait until a little closer to release day
How would you report your income/cost of goods sold to the IRS after selling a sneaker you traded for? Would you just have to keep records/receipts of the sneaker you traded away?
it’s always a good habit to keep track of your expenses/ transactions, ESPECIALLY when operating/ organizing a business. this makes filing a lot easier, less stressful, and not as time consuming in the long haul
Hey sniper what happens tho if you need money from your personal account to buy shoes? Do you write yourself a check from your llc? Or what I don’t understand that part because where does the irs think the money for funding the business come when you first start? Because I’ve been pouring money from my personal to buy shoes
QUESTION: I have a friend who wants me to sell some old nikes for him.. A. Should I set up an LLC for approximately 200+ sneakers he's dropping off? B. What kind of split should I take? My friend's basically supplying all the inventory, but I'm doing the marketing/reselling (via instagram) and probably getting hit with all the tax implications. He deserves the majority of the profits, but I don't want to end up taking a loss, due to PayPal, etc. seeing my account receive all the profits (even though I would probably pay out my friend in cash) . Thanks for the informative video!
Snipe u read my mind bro. I was just thinkin bout this topic yesterday. 🔥🔥🔥 content n info bro! 🙌💯
Yessir I’m glad you needed this video
The 🐐 coming in with the facts we need
Thanks for watching brother
You would have to be an idiot to create an LLC in California for a reseller business. The annual fee alone will eat your profits like Pac-Man. $800 a year regardless of how much money you make. If your profit after all expenses is 2500 a year you will still have to pay the state 800 bucks to have that LLC. The average profit net profit on a sale on a major platform like stockX is between 40 to 60 bucks. Any platform or store that charges a commission on the gross sale is robbing you. In Cali you pay 237 retail for a yeezy and on average you sale foe 300 then the platform takes 30 bucks from you. Then there’s the cost for the box to ship, gas, wear and tear on your car driving around to pick up shoes, and if you are using credit cards you are playing with 🔥. I am saying this to get people to think. If It doesn’t make dollars then it doesn’t make sense. You need to cop like 10 pairs every release and even then you better keep your day job.
People don’t understand reselling is like any other business it takes money to make money regardless of what you selling!!
I agree if you only intend to be a reseller.., but starting a LLC can lead to wealth outside of just reselling. I started my LLC as a reseller but was able to build my business credit, get a business credit card, then a business loan that I used to remodel my condo, that then turned into a rental property.
u deserve 7,000 likes sniper! keep up the amazing info brotha
Thanks for the kind words! I appreciate you
Did you ever drop those other videos? Sitting on a few hundred thousand in inventory and was looking to do this. Have business & tax attorneys as well as accountants. I’m interested to hear more of what you have to say tho as you’re doing it yourself and in this space versus them for $250 an hour telling me what’s the best. I believe there’s a silver lining for me from hearing out both.
Cap
@@MS-ly4oiFunny you say that as I’m closing a deal selling everything right now lol.
I have a sole but I have an EIN, after watching this i’m probably gonna go LLC route because the goal is to have shoes in and out daily
Very insightful brother truly appreciate it sniper!!!
I appreciate you watching brother
Great video, do more on business please!
Yes I will thanks for watching
Great video Sniper and thanks for the wisdom!!!!
Thanks for always watching brother
Do you have to have an LLC to get write offs on your taxes (ie gas, business expense, mortgage) or can you just write those off as a sole individual. I mainly sell via resell platforms so not sure if I'd need LLC protection on myself.
You can write off certain things as an individual as well.
Fire vid bro…. Thanks for the great info as always….peace.
Thanks Andrew for watching
Appreciate the knowledge. Thank you
Thanks for the tips!
Yes u should.. but alot of people domt report the income also... soooo idk lol
Yes but now with the rule change people will have to
More great information bruh !!!
I still am trying to figure out if the resell shops will be handing out 1099s next year if you’re selling to them.
if you using cash, you good. cause they cant trace cash
@@inactve just had me wondering if they’ll stop paying in cash next year due to the new law.
I believe some will and some won’t. Just double check with them
I'm trying to file my LLC on incfile and its asking what industry does my business fall under. What do I put? it doesn't give me the option for E-commerce or entrepreneurship
You can put retail sells
@@SniperKicks thanks man. I’ll see if that works👍🏽
Do you got a vid for tax write offs and what you personally do for writing off taxes?
I don’t but I will make one
I track all my write offs with quickbooks
Open a business bank, track purchases
If you don't mind sharing what area in business you went into? Currently looking at my university curriculum. So many different areas in Business ... thanks. Love your channel bro!
We should just go back to paper money they are always going to raise rates and hidden fees we already have to pay the site now taxes everything bout to go up
Quick question how do we find shoe vendors for sneakers cause ik trying lunch my sneakers business next year
Tax deductions vid please, Thank you, sniper! 😃
Yea need this video
Would love to know how you keep track of inventory with so many shoes coming in and out everyday
Spread sheet! Will save your life
@@ghostlysole3800 what spreadsheet do you use and how do you have a structured
Amazing work! Snipe gangggggggg
You really be on point bro 🔥🔥🔥🔥
I appreciate you for watching my videos bro
Covid done turned us all into CEOs 😂😂😂
So what’s up with Jordan 11 Cool Grey exclusive access on jd/finishline bc it’s showing it but i can’t redeem it or i have to wait until a little closer to release day
You have to wait until the Monday before release day
How would you report your income/cost of goods sold to the IRS after selling a sneaker you traded for? Would you just have to keep records/receipts of the sneaker you traded away?
it’s always a good habit to keep track of your expenses/ transactions, ESPECIALLY when operating/ organizing a business. this makes filing a lot easier, less stressful, and not as time consuming in the long haul
Do you list your youtube under the llc? Old to the sneaker game. New to trying to turn it into a stream of income.
Hey sniper what happens tho if you need money from your personal account to buy shoes? Do you write yourself a check from your llc? Or what I don’t understand that part because where does the irs think the money for funding the business come when you first start? Because I’ve been pouring money from my personal to buy shoes
X2
Business loans
I got a question, what would you call are resell business tho? They have like “what type of business are you” and idk what to put
please make a vid on tax deductions!
what do you record with? Im thinking of taking videos of me getting pairs and just document everything
Sony 6400 that’s the camera I use
What nacis code did you use?
My goodness. Nobody can drop free likes for free knowledge.
Very helpful video, Do More!!
How do I start my own shoe business I want to open up a store
When your talking about
$5k 20k you taking about sales income or net income ?
So is it 10k sales or 600 bucks in 2022? If 600 then what is the 10k thing I heard
We need the tax write off video!!!
#20👍✌🏻 dam I got to get faster 😆✌🏻
Hahaha yessir John! It’s thanksgiving you get a pass
@@SniperKicks 🙏 Happy Thanksgiving Bro 😎 ✌️
Hey, I heard from another RUclips streamer that the new tax bill. (Rescue act) was not passed. ($600 threshold) is this true?
I heard that it was $10,000
Okay, I’ll look more into it, thanks
Would you recommend a DBA?
Since I'm a minor do I have to worry about this even though I make more than $600 and plan to up scale in the future?
Yes the government don’t care they’ll take taxes from you too if you making a earning
We need the tax reduction video lmaoo
Need a tax video!!!
How or where do I get a LLC??
You can get one online- search on google top rated LLC
Do you have an LLC?
Yes I do
W
Yessir!! Thanks for watching
Is it for sales in 2021 or starting 1/1/22?
It starts 2022 and it’s sales
do tax deduction video
is this 600 law being lifted 2023??
I don’t believe so bro
@@SniperKicks Never Then?
@@batbossjose12_yt57 I don’t think it’ll change brother
QUESTION: I have a friend who wants me to sell some old nikes for him.. A. Should I set up an LLC for approximately 200+ sneakers he's dropping off? B. What kind of split should I take? My friend's basically supplying all the inventory, but I'm doing the marketing/reselling (via instagram) and probably getting hit with all the tax implications. He deserves the majority of the profits, but I don't want to end up taking a loss, due to PayPal, etc. seeing my account receive all the profits (even though I would probably pay out my friend in cash) . Thanks for the informative video!