Q: Hello I am a Young Entrepreneur and I was wondering what Licences and permits are needed for a gumball machine business.
I am from Pryor, Oklahoma and do not plan on hiring employees for my business.
My business plan is find a business that could use a machine, set up some terms, get them to sign a contract, and pay them a cut of the profit.
So another question I have is would I need to give the said Business a financial report of some kind, and how do you go about making a contract legally binding? I would appreciate any responses. :)
A:
Congratulations: The Oklahoma Tax Commission has a guide. See
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwj7iYzOvrTYAhXFKyYKHbkcBPcQFgg2MAI&url=https%3A%2F%2Fok.gov%2Ftax%2Fdocuments%2FVendingMachineGuide_sm.pdf&usg=AOvVaw14M8B-saORK1qTViM153ul
Keep in mind federal taxes as well. If you have any concerns about personal liability you may consider forming a "Limited Liability Company" or corporation.
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