Hey all, I'm a bit of a lurker on this forum as I only have one pair of bloods. I bought from Rich Crowly several years ago and they are turning into beautiful animals. Anyway, as the subject of my post asks, I was wondering if it was financialy beneficial to incorporate as a small time breeder. I would think that there would be a bunch of potential writeoffs. Of course this would all be dependent upon local tax codes. But, like I said I said I'm just looking for advice from those who have went this route. Any responses would be appreciated.
Thanks
Mark Holzhauer
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Benefits of Incorporation
strikersnakes
Sep 21, 2012 01:18 PM
Replies (1)
Rich_Crowley
Sep 21, 2012 09:57 PM
Hey Mark, glad the animals are doing well for you.
First off I am an accountant gone herp! So as far as the subject you are asking, I love this stuff also.
You have various organizational approaches to take. The question of liability is the biggest motivator for incorporation so you can protect personal assets. But as a corp you also get taxed separately. Then your profit distributions or payrolls get taxed as well.
There are pass thru (s-corp) structures and proprietorships strutures as well. Depends on your personnal assets and the potential for liability from the business. Many people still follow proprietorship since the cost and risk don't warrant incorporate.
Just some thoughts.
Good luck!
rich
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