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Question for the Big-ish Breeders

KatieL

KatieL

Sienna, Trogdor & Melony
Alright, I have a question for all of those experienced breeders, with your own company. Breeding is still a year or so off for me, but I'm registered on the ACR, and I finally thought of a good name for my errr...breeding house name/company/etc. My question is do I have do do anything special to register this name or something (other than with the ACR)? I've done some research and I don't think anyone else has the name, but I'm not sure where to go from here. Is there something I have to do next, or no? Thanks in advance guys!

Katie
 
I'm not a big breeder, but I was looking into this last year so I will share what I found.

If you are going to be registering your business, you will need to fill out a Doin Business As (DBA) form with your County Tax office. You might also want to talk to a CPA about the benifits of doing this. the IRS will give you I think 5 years to turn a profit in any business. The first 2 years you are allowed to take a loss but if you do so again the third they will come and look at your business.

My CPA told me that if I wasn't making more than $300 in a year it is considered a hobby and doesn't need to be registered as a business. With you only have 3 snakes, you may want to just breed and sell as a hobby till you get quite a bit bigger and then go though the DBA and CPA process.
 
I just requested a small business application from the IRS and sent it back to them. I believe you can also do it online as well. If there is another company registered with the IRS under the name you are trying to use, they will not accept it. I wanted to be Serpents Den, but there's already one. Serpents Lair is also taken too...thats why I'm AZ Serpents Lair. Registering your business is not as complicated as one would think. They send you all the information you need, plus offer 24 customer services for questions, etc. I would suggest talking to someone knowledgeable about the subject first though before you get your feet wet.
 
i know you can only claim on your taxes if you are turning over $6000 a year profit. i am not that sure yet because my dad does all the tax papers and things of that nature with the business. i dont think it would that necessary to start all the tax papers until you have grown enough within the business to have to worry about it. it definately isn't worth it until you know you will be generating X amount of dollars through it. just my opinion on it though.
 
Whew, what a great thread D80...but sooo much information. All the tax stuff and whatnot, I think I'll have to reread that in the morning when I am slightly more awake. Thanks for that link!

Now, perhaps I missed this in that last thread (I am rather tired at the moment), but if I want to have this businessy sounding name, but I have no intention of really making a profit (I only have three snakes for pete's sake), will I get in trouble for using the name? Of course I would take steps to make sure it was not already currently in use.

I'm sorry if this is a less-than-intelligent question, this area is really one of my weak points.

Thanks for all your help everyone!
 
You want to secure your name in your state and across the US; otherwise you run the risk of copyright infringement...Or someone else snatching your name.
 
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