Selling precious metals secondhand is a potentially lucrative endeavor; however, in Florida, as in many states, secondhand precious metal dealers must abide by licensure requirements. These requirements were put in place to reduce the prevalence of the pawning of stolen goods and to ensure that the business participates in fair and equitable sales practices. Failure to register properly can result in criminal prosecution and felony charges. Careful attention to registration requirements is vital to avoid these potential legal problems.
Request a registration package from the Florida Department of Revenue. All secondhand dealers must receive and complete package Number GT-200405 to apply for their dealer license. You can request this package by visiting the Florida Department of Revenue website. The Florida Department of Revenue states that this package is typically received no more than 10 days after request.
Complete employee background checks. Due to the nefarious nature of some secondhand sales, employee background checks are mandated. Your GT-200405 packet will contain finger print cards. Fingerprint all employees, and ask them to complete the requisite forms, also in the packet, to complete the mandated background checks.
Complete the DS-1S application. If you are operating your business out of one location, you only need to complete one copy of this application. If your business has multiple branches, you will need to complete one copy of this application for every business location.
Register to collect sales tax by completing the DS-1 form. All secondhand sales are subject to sales tax. If you complete this form through the Department of Revenue site, there is no fee for processing. If you opt instead to complete a paper version of the form, a small fee is required.
Maintain your license. Upon completing the background checks, DS-1S and DS-1, you will be granted your license. Upon receipt of license, you will be issued guidelines that you must follow to maintain your license. To maintain your license, you must strictly follow the Florida statutes. Failure to do so will result in suspension, and possible revocation of your license.
Check with the Florida Department of Revenue for the latest information on required forms, fees and procedures.
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