Reptile & Amphibian Forums

My wife and i breed because we love the hobby and because we cant afford all the morphs we want, this year will be our first year producing a lot of "extra" doms, co-doms and a few double co-doms, at least enough to get a table at a show. my question is does anyone know when it is required to have a legal business name to sell under and where a good place to start at getting all the legal stuff done at, we live in Michigan and I'm trying to figure this out, not sure if we just have to go to a .com like legalzoom and setup there or if it is more involved than that. Any help is greatly appreciated, hope all had a great Christmas!

Technically, if you make more than $600, you need to pay taxes on that income and at thatpoint, if you plan on continuing that practice, I'd apply for an LLC! You can acquire one on your own! If you have an accountant or someone that does your taxes, they can walk you through it! Don't go through an attorney! $$$$$$

According to my CPA that hates the IRS as long as it is classifeid as a hobby and as long as you dont use any of the expenses on your taxes you dont have to claim the income.
You have to have a legit job that pays your bills.
If and when your hobby becomes a business that is your main source of income then you have to claim on taxes. Expenses and Income.

Let me just say this about that...as far as a profit....I kept track of every dollar this year...and with what I bought and sold and food, shipping fees, show fees, paypal fees, supplies such as racks, heat tape, themostats...etc...and the babies I produced which was close to 100 BP and RTB I ended up over $11,000.00 in the RED...yes -$11,000.00.
But I did more than double my number of breeders in one year and 2012 should yeild over 200 babies. Highend morphs this year but more food, fees and supplies....guess it could be worse I could use crack as a hobby....lol
Travis
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LAIR OF DRAGONS

11000 grand red,.OUCH I am married and as most married men can w.i.f.e is just a shorter way to say.....Wallet Is F***ing Empty

LOL...He got one of them too.....

and her number ...is...alot bigger than the 11.....

HA!...

((sorry ...she knows it's true...))....
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........JY

11000 grand red,.OUCH I Don't think ill even get a chance to get close to that I am married and as most married men can say w.i.f.e is just a shorter way to say.....Wallet Is F***ing Empty

LOL...let me break it down for you so maybe you can see where the 11,000.00 went..
Started off the year with 37 snakes in my personal collection...buying and keeping some of what I produced this year I spent 17,525.00 out of pocket to buy snakes..now have 66 snakes...
870.00 in show fees for tables
3367.00 in supplies...racks, heat tape, water bowles etc
2140.00 in food feeding every week and buying local mice and rats
365.00 pay pal fees
753.00 in shipping cost just Fed Ex

Total...25,020.00 in the red
selling babies ended 11369.00 in the red
still have 3500.00 in babies to sell

Will that happen this year...doubt it unless prices drop on Potions, Albino Pieds, Axanthic Pieds, BELS, pastel enchi's, clowns, caliders...all are morphs I didnt produce in 2011.

Oh yea..Jeff knows...my wife is very expensive...and I can say that because she never goes into forums...Jeff you say nothing...

Travis
Lair of Dragons
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LAIR OF DRAGONS

Hahaha, looks to me if her cost is over your 11000 then you came in under budget!

If you actually keep track of everything, you will be surprised.

After 6 years out of the hobby, I finally started to get back into it this year. I started acquiring my stuff in April. I decided to ,just for poops and giggles, add stuff I had already bought. Well I decided to stop adding after $5000. I realized I would be better off if I did not know the exact amount.
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Ritchie Luna
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...you are never required to have a name...

you are actually required to have a Tax Number and collect taxes I bet...most states have taxes....

you are also probably suposed to get a USDA breeder and transporter permit....if you do snakes (in PA anyways ) you need it every 3 years or 5 years...I get mixed facts....IF you sell rodents live...even one little mouse to a friend...you need to renew it every year....it's $50...

tax numbers are free....you also need to pay Use Taxes...for stuff you buy out of state....wow...suxx...

and the person in charge of running the show is actually suposed to make sure you have all the legal papers you need....but they don't....

and someday ...the doors at a PA show will be locked at 9 am...and all the people will be told to get your paperwork out..and all kinds of people will have a problem..because 100 of them (maybe 200)... do not have tax number in PA or a USDA permit...and they will cry and moan the whole time they are being written up....whaaaaaaaaa...I didn't know...(bullcrap)....
(((just like it did in OhiOOOOno...)))....
you know how many hundredsssss of thousands of dollars go unaccounted for each year at one show alone ...???$$$$.....

....and the wall will fall...and they will all act as stupid as they actully are.......
have a nice day....(them .,,,not you brother, you still got a chance....)...

so...go to the state you are in's tax revenue website....
and USDA....

....good luck....
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........JY

Jeff brings up an important issue...if you are vending you need to check the rules and laws in your State...we get our permits from Fish and Wildlife...I think...mine is due to renew in Feb 2012 and its a 5 year permit...think he was right on the price $50.00 and as far as selling M/R he would know on that as well.
And yes there will be a day that they do lock the doors and go from table to table...writing citations and confiscations and it will be a bad day for most people.
As far as taxes I will cross that bridge when it comes and if I was smart I would report it because I could really use the $11,000 write off.
Travis
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LAIR OF DRAGONS

Thank you all for the replies, my wife and I want to be as legitimate as possible as we want to own our own pet shop one day so we would like a good reputation to be able to follow us to that point, I do breed and sell asf's and Jeff if I understand you correctly that gets taken care of with the usda? I do also make custom acrylic displays and enclosures but that shouldn't require a permitt or anything. Again thanks all for the replies.

yes...USDA....and your state will ...well...should get you a list of what you cannot breed or sell....California is maybe the worst....they can't own or breed all kinds of stuff...

so check what you may have....

...like some stuff...you can let's say...own and breed ASFR for FOOD ...BUT...NOT for PETS,....as I hear ...in ome places???....

I sold all food....any live sales...yes...you should have a permit.....and it is every year for rodents...etc...(horses,cows,camels, birds probably....)...

...check local and state....at times when avian flu is on an outbreak ...you may not cross state lines with birds.......like the auctions near me...people living just over state line cannot come and sell birds...yet someone from Erie County can come and sell....(((Like the Flu doesn't cross or knows lines matter)))...

....you get a Tax number....IF you lose money for like 5 years straight it becomes a hobby...and you won't have to report anymore maybe...but if you grow and then sell, and then make profit...you will....they just want all our cash is all...

even people that have those perpetual Yard Sales....they are actually required to get a Tax Number....bet on it....they sell all the time...sometimes 300 plus days a year....

yea...you get the idea....so...

The Good Ole's USA ...all they want is their 35% of all our pennies....

......

.....
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........JY

Definitely take the time to get your ducks in a row. It really doesn't take long at all to do. Until you get to the other end and your accountant has fifty extra pounds of paperwork to go through for your return. lol

Depending on your state, licensing requirements might be pretty lax. Also check your city ordinances to make sure you aren't keeping something prohibited.

There are a ton of people out there playing "business" without doing the legal legwork. Glad to hear you're going the right route.

~ Shadera Lorrain
Magickal Morphs