Business names- thoughts/opinions?

[Mr. Misha]

Hello. This is my first ever post one here so Hello all. But I wanted to chime in here on the business talk. I currently own and run my own full service cafe and a food kiosk and I am expanding to several new locations in the future, its been a rough freakin start though.

I would start and LLC. Save all of your reciepts and keep your day job. The money you make from your job will be sheltered from taxes with your LLC and you might even start showing losses as if you didnt make a dime for your first year and actually lost money meaning NO TAXES. You will only have to show a profit once out of every 5 years. You could do this as a sole prop but what if you sell a snake that gets mites and the buyer losses snakes or spends a ton on vet visits and he also has a business and turns around and slaps a law suite. Or what if a potential buyer gets bitten, law suite. I do know people who run 50k a year and more via sole props but they also make toys or sell things with little to no risk. They could start an LLC and not lose any more besides what they spent to form the LLC. If you want to know about keeping books, taxes or anything like that I would be happy to tell you more. Just message me or we can talk about it on here. I plan on opening my own LLC for reptiles this year just to shelter my hobby money from taxes and hopefully make some money in about 4-5 years when my projects start to come to fruition. Good luck!

For your first post, it doesn't look very professional on you part when you're boasting about how you're going to be lying on your taxes. I'm a licensed tax professional and my job consists of fixing people's lives after they follow bad tax advice from people like you.

First of all, there's a BIG difference between a hobby and a business when it pertains to taxes. Hobby expenses can be deducted UP TO your hobby income so you can't deduct losses. Now if you're starting an actual business, that's a whole different matter.

Here's a good article regarding Hobby & Business income:
http://www.irs.gov/uac/Business-or-H...for-Deductions

In regards to the name, I really like Blue Ridge Royals.

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