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Can you run a pawn shop from your home and do you mhave to ...

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Can you run a pawn shop from your home and do you mhave to pay taxes if everything is done by cash
Submitted: 8 years ago.
Category: Business Law
Expert:  Guru_Guy replied 8 years ago.

Different localities have different rules, but generally a pawn shop must be licensed. You cannot run such a business out of your home unless the property is zoned for such a business. Also, running a cash business does not exempt one from the obligation to pay taxes. Such a business is expected to keep records of all transactions and to report them to the IRS. Admittedly, it is much easier to hide transactions and evade taxes in an all cash business, but the fact that it may be easier to break the law does not mean it is not against the law to do so.

I hope this helps!


Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
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