We will be importing a certain cloth made product from overseas and selling it in the US. There will be a 7% tariff on this item. We will be selling all of our products initially via a website and sending them to clients from the US. Our question is what are the basic taxes associated with this?
1) I already have a registered Hong Kong company. Do I need to have a US company (likely LLC) in order to import and sell the items in the US or can I use my HK company with our US office address?
2) What taxes are associated with this type of business, online selling, etc. and how are they paid?
3) How are taxes on tariff's paid?
Thanks!
Concord
1) I already have a registered Hong Kong company. Do I need to have a US company (likely LLC) in order to import and sell the items in the US or can I use my HK company with our US office address?
2) What taxes are associated with this type of business, online selling, etc. and how are they paid?
3) How are taxes on tariff's paid?
Thanks!
Concord