Hi I have recently decided to try and make some money selling stuff.

I have a few ideas of what I would like to sell etc and hope to ring around soon and find myself a good supplier. when ringing up and asking about buying the products, will most suppliers need me to have a company set up and want a bussiness address etc. Does it take along time to set up a bussiness or can I just do it from the off cheaply and easily just for the sake of having a company name? also what implications does it have when buying and selling?

A lot of wholesalers won't deal with you unless you are a registered business, as generally, wholesalers do not deal with the general public you have to be classed as the trade.

A lot of wholesalers do however now deal with sole traders which is very easy to set yourself up as. Choose a business name, register as a business with HMRC, get a business bank account and your away.

If you are just doing this part time, go the sole trader route for a while and see how you get on. If you take it up full time, you may feel that registering a company is worth considering.

The implications of buying and selling are slightly different with each setup. As a sole trader you are responsible for the businesses debts and any troubles it may fall in to. In other words, the liability is at your door, personally. With a company however, the liability is shifted to the company itself, as it is a legal entity separate from yourself. If you choose a limited liability company, the liability would be held with the company and not (usually) affect you as an individual.

Hope that helps.

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Just to add what Anthony says - from my experience, US wholesalers
"takes it easier" with business registration, tax number etc.

But there are a lot of branded products (mainly electronics, clothing),
where you have to meet some specific requirements to arrange
any deals with wholesalers.

Thanks guys, V. helpful

Also just wondering would I be able to deal with companys like www.booker.co.uk as a sole trader?

I think Yes.

http://www.booker.co.uk/Help/FAQ.aspx#getBookerNumber

Try to contact them

Originally Posted by Apz1

Thanks guys, V. helpful

Also just wondering would I be able to deal with companys like www.booker.co.uk as a sole trader?

Ring them, they normally only deal with catering trade but do bend the rules, you will need an invoice to your bus address and a bus bank account, as a min.

We produce work for them, print material etc

HTH

Andy