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Thursday, March 25, 2010

Re: [AlpacaTalk] Alpaca business questions

 

Very good advice. I hope more people will share some info, too. Right now, I'm a sole proprietorship, and I do need to think about doing an LLC or something. 


Here in Oregon, we don't have sales tax so a tax ID number isn't required, but a Fedeeral tax ID is a good idea. That's anothing thing I'll  have to look into!


Heather

Heather Zeleny
White Lotus Alpacas
Oregon

Holistic Farm and Elite Fleece

On Mar 25, 2010, at 4:30 AM, Gary & Maryann Simpson 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
 
 
----- Original Message -----
From: Ken
Sent: Thursday, March 25, 2010 12:17 AM
Subject: [AlpacaTalk] Alpaca business questions

 

I am wanting to take my new appreciation for these wonderful animals to the next level. I want to make my farm my primary income. So I am wondering, have you obtained a "Duns" number ? Have you incorporated or become an LLC ? I know state laws vary greatly but I would like to hear from you. What have you done ?

Ken Hoh
Alpaca Hoh Ranch
Owenton, KY.



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posted by Chaddo at 9:42 AM

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