Business requirements?

[GeckoCrossing]

I know this is the Leopard Gecko sub-forum, but I couldn't find a suitable sub-forum for business questions. And since it's gonna be a Leo business I figured here was best.
Okay, I have a website host and the domain already. I have the business license from my county and registered with FedEx for shipping. I'm running it out of my house and have a room dedicated solely for my Leos, crickets, roaches etc. Does anyone know what is required to make my business legal? I've been trying to figure it out, looking at IRS websites, department of revenue etc... but I can't figure it out. Some places say I need to register the business name and it costs like $400, while my local county clerk office said I didn't have to and it was up to me if I wanted to or not. So confusing >< Might be able to better understand it if I wasn't in constant pain from migraines and on 6 different meds... lol.

Any help at all would be greatly appreciated! Helpful links or anything

 

[Owens]

I am not sure about the regulations in the USA but here in Canada if your yearly revenue is 30000 or less you don't need to register with the fed gov. That is something the people from your county should be able to inform you on rather then just telling you that you don't need to register. Might be different down there but at least you might get some info out of them if you ask.

 

[LZRDGRL]

When I founded my business here in Illinois in 2008, I had to go to the Murphysboro courthouse and register my business name. Then, it has to be announced in the newspaper for a couple of weeks as new business. You need to present this newspaper article to the clerk in the courthouse. And yes, there were registration fees. You also need a tax number which is different from your personal one for your business. AND you need to make sure that in your street, you're allowed to own a business. Where I live is R-2, and I'm not allowed to have a business with foot traffic to it, so I declared it as an online business (which it basically is; I either sell out of state at shows, or from my website, but I usually don't let people come to my house, unless friends/relatives/neighbors. I have no sales room, show room, office room.).

I assume it is similar in your state. I don't think the fees were as high as $500. When I founded my beneficial non-profit society for multiple sclerosis in 2006, I paid 500 dollars. But I don't think I did for the gecko business; I think it was a bit cheaper.

You also might want to think about business insurance, which is different from homeowner insurance. Especially now that we all heard about the fire at Pro Exotics.... Make sure you get your money back if something happens to your collection and your inventory!

Good luck! Oh, and here in Illinois, you have five years where you can make losses, but if from then on you don't have a gain in your tax declaration, your business status is revoked and it will be declassified as a "hobby"! I've made a loss the first two years (that's when you have to buy all the cages, build your reptile room, and buy the breeders). So time counts!

Chrissy

 

[GeckoCrossing]

Thanks for the great info. My house is residential too, so I can't have any foot traffic or any part of the business visible from the street, so it's gonna be online for the most part unless I have a local buyer in which case I can bring to them.
I guess I'm just going to have to go to my county courthouse and see what they say about it. They weren't very helpful over the phone though. As soon as I mention it's breeding lizards people freak out and dunno any rules or regulations around them >< lol

I've been slowly building up my collection over the last 3 years now. Got a rack built for all my single adults and breeding tubs, also in the process of building one for babies now. And got a roach colony starting now too, so will help lower feeder costs

And thank you for the good luck

 

[Owens]

Wow you guys have a lot of red tape to go through to open a small business. I am the owner of a contracting company and all I had to do was call revenue Canada and register for my tax number, that was it.

 

[OnlineGeckos]

I used legalzoom.com and it was fairly easy and cheap to get it setup. They handle the paperwork and legal documents, including getting your required ad posted through a local newspaper.

$179 was all it took to get it pretty much all setup.

 

[roger]

Wow you guys have a lot of red tape to go through to open a small business. I am the owner of a contracting company and all I had to do was call revenue Canada and register for my tax number, that was it.

Agreed ! I just paid $50 and called the business as my full name.

 

[sunshinegeckos]

Also you need to make sure if you need any certain wildlife permits. Like here in Florida in order to sell leopard geckos I have to have a class III wildlife permit.