questions about registering business name!

[justindh1]

So I see many people here at GF that have their own "business names" when it comes to breeding and selling your reptiles. Many people have websites register under their business name. I was wondering if any of you register them in order to keep them yours and only yours. Just kinda wondering for future reference. Do you register them through your state? Do you do this to be able to use expenses as tax deductions? Any other informations would be very helpfull. Thanks, Justin

 

[Tony C]

I registered mine early, it was $50 through Oregon's Secretary of State. I also registered with the IRS to get an EIN, which is free, and often required by wholesalers if you want to set up an account.

 

[acpart]

I don't think you have to register to use a name but I do think that at a certain point it does make sense to become a "legal" business. I will be registering next week as a small business.

Aliza

 

[justindh1]

Lets say I do register a name, would I have to start loggin all the expenses and money earned and report that to the state? Would I have to start paying taxes, of course if i make a profit? I guess that is does make me a legal business if I do register but wanting to double check.

I don't need one in order to sell gecko's but in order to take partial cost of expenses from the rent to utilities then thats where it can be very well worth it.

 

[acpart]

Your best bet is to go on-line to the small business registration and learn about what's involved (I don't have the website on hand at the moment). You will have to pay taxes if you gross more than $600 a year. There are special business schedules to fill out where you can record income and expenses. I have been recording my income/expenses except for utilities expenses (can't really calculate this) and mileage (will start that in 2010) and am about to post my results.

Aliza