[AlpacaTalk] Re: Alpaca business questions

 

Gary,

Thank you for your thoughts.

I know I am getting an attorney and a tax advisor before I make the final decisions. I expected to get an LLC but am being told it is probably better to get several. That thought really tossed my mind into the wind. As I understood it, the idea is to safe guard my personal property, the land, the animals as different entities. I can do this online and it is not expensive, however I am feeling more comfortable hiring a professional to set me up as a business. And guide me thru the process. I just don't know the differences between a LLC, Incorporation and a Sub-S or C-Corp.

Thanks, I will need to look into the store license. Not something I was thinking I would need but selling the fiber, yarn and handmade items will probably become part of the operation. I know I am looking forward to getting my scarf made from my own alpaca fiber.

In Owenton there are a couple small local feed stores, Southern States is the large store. I get most of my feed from Tractor Supply in Williamstown. They have always been very friendly and helpful.

Of the crazy little details that are driving me nuts is the name of the farm. It has been joked about and renamed a couple times in the last 8 years. With the creation of a company, it has to become permanent. I have taken some flack about calling it a ranch. "Ranches are supposed to be flat, on the plains and large." I have 70 acres but it is all hills, bumps and 50% wooded.

I am open to everyone's thoughts.

Ken Hoh
Alpaca Hoh Ranch
Owenton, KY 40359

--- In AlpacaTalk@yahoogroups.com, "Gary & Maryann Simpson" <info1@...> wrote:
>
> Ken:
>
> There are may be some who have better advice than me, but we incorporated & elected Sub-S status.
> I don't know about Kentucky but in Ohio it takes only three forms.
> Downloading and filing articles of incorporation with the State, requesting a Tax I.D. # from the IRS and
> once those steps are complete, downloading & filing the sub-s election.
> The cost was $125
> You can have an accountant or attorney do it for you if your not comfortable, but of course it costs more.
>
> If you're going to have a farm store and sell product, in Ohio you also need a vendors license. ($25)
> This allows you to charge sales tax on in state sales of product. Which you're required to do.
> Also, out of state shows will furnish you a temporary sales tax number if you're selling product in a booth.
> You have to charge that state's sales tax rate and file with them.
>
> Sub-S corp provides a level of protection from your personal assets and affords many benefits.
> C-Corp provides a greater level of protection of personal assets, but is a little more stringent and
> costly to maintain.
>
> Would also recommend a farm/ranch or liability policy since you will be having the general public on
> your property, or liability like a dog biting someone, or an animal gets loose and causes an accident......
>
> We're a litigious society it seems so everything helps.
>
> As far as tax benefits I would see your accountant or ask around the other Kentucky owners to see
> if they use a particular accountant that is familiar with the benefits of alpaca ownership.
>
> Also Ken. What is the best feed store in and around Owenton?
>
> Best regards,
> Gary
>
> Gary Simpson
> Tri-Valley Alpacas, Inc.
> Brookville, OH
> PH .513-919-8235
> www.tri-valleyalpacas.com
>

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