Importing from China
in Business, Accounting & Taxes ·
Hello everyone. I’ve been doing some digging lately regarding importing goods from China, but I have quite a few unanswered questions. I decided to post here to see if anyone could lend a hand.
I’m working full-time and have managed to save up some capital. My plan is to purchase a piece of machinery from China—perhaps a mini excavator, a forklift, or something similar. I intend to use it personally, but I also want to list it for sale to generate some extra income on the side.
I am trying to wrap my head around how the import process actually works. I’ve received some quotes from manufacturers that include shipping costs to the Port of Cleveland for around $1,400, but now I’m wondering about the logistics. How does customs brokerage work? What are the implications for customs duties and sales tax? Do I need to establish an LLC or a formal business entity for this? I might be forgetting other crucial details, so please feel free to chime in if there is anything else I should consider. Thanks in advance for the help.
I’m working full-time and have managed to save up some capital. My plan is to purchase a piece of machinery from China—perhaps a mini excavator, a forklift, or something similar. I intend to use it personally, but I also want to list it for sale to generate some extra income on the side.
I am trying to wrap my head around how the import process actually works. I’ve received some quotes from manufacturers that include shipping costs to the Port of Cleveland for around $1,400, but now I’m wondering about the logistics. How does customs brokerage work? What are the implications for customs duties and sales tax? Do I need to establish an LLC or a formal business entity for this? I might be forgetting other crucial details, so please feel free to chime in if there is anything else I should consider. Thanks in advance for the help.