Customs broker

Definition

•Customs generally deals with the importation or exportation of goods into or out of a country. Customs brokers or brokerages are entities credited and equipped to aid these practices and are usually approved by the federal government.

A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately .

Customs brokerages can be constituted in a number of ways. They can be organizations, partnerships or qualified individuals. The common thread in the United States is that all approved brokerages are overseen as well as licensed by the government. In particular, they fall under the purview of Customs and Border Protection.

These brokerages help importers and exporters with tax issues such as tariffs. They can also inform the trader as to the "entry procedures" specific to the United States as well as the product they are transporting. Such appraisals given by the broker can include how the product is to be "classified," "valued" and documented

The other very important role played by a customs

brokerage is that it represents its client (importer for

example) in his dealings with the state customs agencies.

If there are any difficulties, quandaries or questions of

legality that arise, the trader can turn to his broker as his

advocate before federal authorities.

FunctionCustoms brokers are the men and women working on behalf of individuals or organizations importing or exporting goods or products into countries. The duties of a customs broker are many. They are responsible for obtaining and preparing proper documentation to allow goods to entire the county legally. According to federal reports, each year in countries such as Canada and the United States, customs brokers clear millions of shipments both entering and leaving these countries.

Misconceptions

Customs brokers do more than just prepare the documentation or paperwork to get goods brought into the country. They handle every aspect of the importing and exporting of goods, including the handling of necessary funds such as import or export taxes and duties. Customs brokers work with goods entering the country over the sea, on the ground or through the air.

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