other then getting a website what do io have to do to sell my snake as a business. how do taxes work? do i have to do any legal stuff?
10-20-2010, 10:13 AM
Twisted Reptiles
Re: Starting a business
There is a lot you need to do. I'm not sure what the differences are between Arizona and New York but I'll give you the basic rundown here.
Establish your business with the state (Sole Proprietorship, Partnership, LLC, etc)
Obtain a Federal Employer Identification Number - In some situations this is optional but in my opinion it is always a good idea.
Obtain local (State, county, city) transaction processing IDs (aka sales tax) - Even if every sale you make is out of state and online you should still be reporting them to these agencies
Consult an accountant - You will most likely want/need to separate your financing, determine bookeeping method, prepare for quarterly tax payments, discuss writeoffs/depreciation/etc.
That should be a starting place, there will be more as you continue down the road. Too many people jump in without considering everything that needs to be done to do this 'correctly'. Kudos to you for asking and wanting to do things the right way. There is a lot to do, however it needs to be done. There are a lot of people operating under the ruse of a 'hobby breeder', but if you are breeding and selling them, you really should be reporting it.
