Legal Question in Business Law in Illinois

I was recently given an opportunity to partner up with a jewelry store in Chicago Illinois, which specializes in buying used gold and silver from the customers and later selling it to a refinery.

The store obtained a Limited Business License (LBL), but not a "Second Hand Dealer" license.

So my question is whether single LBL is enough to legally operate such business? Or if Second Hand Dealer license is indeed required, what are the possible legal penalties and consequences down the road?

Thank you.


Asked on 6/11/11, 12:12 pm

1 Answer from Attorneys
Steven Pollack Law office of Steven B. Pollack

You could end up buying stolen merchandise without the proper protocols. The second hand dealer license, along with proper take-in, will help avoid being charged with receipt of stolen merchandise. I would have an attorney research the requirements.

I have some familiarity with the jewelry business, being a master goldsmith prior to becoming an attorney.

Call me if you want to discuss further.

Steve

Law office of Steven B. Pollack

www.FireClaimLaw.com

847-436-9566

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Answered on 6/13/11, 6:03 pm


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