What is the easiest way to get a Kentucky auto dealers license?

Answer 1

To get an automobile dealership license in Ky you must first establish Tax ID which can be obtained through your local county clerk's office. You must have a lot with a building that has a desk and place for filing. You must obtain dealership insurance which will cost $1900 per year or more unless you find a better deal than I have. Insurance doesn't just cover driven vehicles bearing your dealer tag but also liability for injury on the property, garage, employee coverage, and also liability against lawsuits resulting from problems with sales and other things. Due to this and the coverage you need for your particular business the rates can vary greatly within the same insurance company. HINT: If you are mostly wholesaling cars and don't take them onto a public accessible lot and you have no other employees other than yourself your insurance will be cheaper than someone with an open retail lot with a receptionist and a couple sales reps. Once insurance is obtained you can apply at your local county clerk's office for the liscense with all of your proofs. Your name has to bear in it somewhere the word "auto, automobile, car" or something such as that. Kyle's Classics and Customs will not work because auto has not been used. You also have to have a sign securely posted on your lot with pertinent information on it so before going far into the process I recommend contacting your clerk's office to make sure your chosen name isn't already in use somewhere else in the state. Can save lots of money. The starting rate you pay your clerk is around $200 the best I remember and it gets you two dealer tags. Each additional tag costs a small extra fee. Your local County Clerk can give you any information you need and if you ask them right they can even tell you some ressources for getting insurance if you ask them what some of the names of companies they have seen quite often. They are in no way allowed to refer you to or recommend an insurance company legally so don't ask. If you ask them for a few names of companies they see regularly when dealers renew their tags you will get some valuable info on cheapest rates, afterall, the people already established have learned the tricks already and you can profit from their sweat instead of driving yourself nuts trying to find out the same info. I hope this is of some help as I've been researching putting in a lot of my own and have had some valuable help from family and friends who are in business here locally in Pike County. I'm not in the auto industry, however. The answer this gentleman gave you sounds like it will get you to the finish line "after" you get a "Federal" tax id so the federal government knows how much you owe in taxes, social security, and Medicare! This money is taken from your profit, which is the money you make after expenses (employee payroll, cost of goods, mileage, gas, food ect) Additionally, when you go through the secrecretary of state's office to register your business name, you will have to specify what kind of structure you want your company to be under. Sole Proprieter, Incorporated, LLC ect. Let me make this easy for you so you dont just throw your arms up and quit. If it's just you, then I highly suggest the sole proprieter route. Obviously the different structures have their benefits, but, the more complicated your choice of structure the harder it is to do business and keep everything straight. You will find out that the government really hates profitable companies....lol. So here ya go. Thick red tape made easy, oh by the way, this stuff isn't advertised in newspaper, nor is it taught in public schools......> SUMMARY: 1) Secure business name @ secretary state's office...this can be done online, just Google KY sec of state. 2) Secure your business name...which can be any name you like, just as long as it isn't taken. 3) CHOOSE SOLE PROPRIETER IF ITS JUST YOU, howver, more than one, choose LLC so you won't lose your house if the lawsuite surpasses your Business insurance or liquidity amount. 4) Get insurance on your business......call a few ins companies and ask for help, and simply tell them what you're wanting to do. 5) Complete fed tax id form @ https://sa1.www4.irs.gov/modiein/individual/legal-structure.jsp 6) Sec of state off and do same thing. YOUR DONE.......just keep your records straight and you'll be fine. THIS ALL SHOULD BE DONE FIRST, THEN DO WHAT THAT GENTLEMAN SAID ABOVE. THIS IS THE HARD PART I PROMIE> HOPE I HELPED.