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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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I am thinking of buying scap gold/silver for additional income

Resolved Question:

I am thinking of buying scap gold/silver for additional income and inflation hedge. I live in california. I've searched online and some say I need a license others say if I have friends over (think gold party) and buy their gold it is like a garage sale. No license needed. So is it a home business or not?
Submitted: 4 years ago.
Category: Business Law
Expert:  MShore Law replied 4 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Are you buying and selling the scrap metal, or only buying it?
Customer: replied 4 years ago.
I will be selling to refineries. I live in Stanislaus County.
Expert:  MShore Law replied 4 years ago.
Thank you, XXXXX XXXXX are in the business of buying and in turn selling this would constitute a home based business. If you were merely buying for investment purposes it would not. Please let me know if you have any follow up questions.
Customer: replied 4 years ago.
So, I do need a license to buy and sell scrap gold? Where do I apply for this license?
Expert:  MShore Law replied 4 years ago.
Yes you would need a license. In fact, here is a story on the arrest of a person engaged in the same business you are contemplating for not having his license: http://www.businesslicenses.com/unlicensed-business-owner-arrested-in-roseville

You would contact CA's business licensing department: CalGOLD staff,[email protected]

Please let me know if you need additional guidance.
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