| | Forming a real business | |
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+5Focal jw BlackboxStar smd58 Don 9 posters | Author | Message |
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Don Moderator
Posts : 2130
| Subject: Forming a real business Mon Feb 06, 2012 9:28 pm | |
| Well, today I formed a Limited Liability Corporation for our ball python business. I'm amazed we have so many businesses in America with all of the road blocks our government puts up. I consulted a lawyer and did the work myself. Now, I just have to wait and see if I did everything correctly.
The steps so far have been filing with the SCC to form the entity. Then obtain a taxpayer ID from the IRS. Then applying for a business license from the county.
If everything is right, we are now Plethora of Pythons LLC. | |
| | | smd58 VaHerp Board Member
Posts : 2909
| Subject: Re: Forming a real business Mon Feb 06, 2012 11:12 pm | |
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| | | BlackboxStar VaHerp Senior Crew
Posts : 325
| Subject: Re: Forming a real business Tue Feb 07, 2012 3:10 am | |
| congrats! Hopefully everything goes through!
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| | | jw VaHerp Board Member+
Posts : 1442
| Subject: Re: Forming a real business Tue Feb 07, 2012 9:54 am | |
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| | | Focal VaHerps Janitor
Posts : 4872
| Subject: Re: Forming a real business Tue Feb 07, 2012 10:16 am | |
| Good luck Don!
What are the benefits of going with an LLC? | |
| | | Don Moderator
Posts : 2130
| Subject: Re: Forming a real business Tue Feb 07, 2012 10:40 am | |
| If the company is sued, only the company assets are at risk. All personal assets are protected. In other words, if for some reason someone wins a law suit against the company my house, retirement and other assets are safe. also, I like the way the income passes through to my 1040, rather than more complex tax forms. | |
| | | Foster Reves VaHerps Crew
Posts : 134
| Subject: Re: Forming a real business Tue Feb 07, 2012 12:17 pm | |
| I wish you the best of luck Don. I have on my "to do" list to look into making my friend and mine's informal business more legitimate so your list of steps is most helpful. Again good luck! Chip | |
| | | anacondaman123 Member
Posts : 42
| Subject: Re: Forming a real business Tue Feb 07, 2012 1:59 pm | |
| Congrats..let me knoe when your hiring | |
| | | Don Moderator
Posts : 2130
| Subject: Re: Forming a real business Mon Feb 13, 2012 2:08 pm | |
| Well, got a notice back from the Commissioner of Revenues that I needed a Conditional Use Permit to have the business a home based business. I called the Planning Commission and they said because they are exotic animals, we need a permit. I read to her the municipal code that says nonpoisonous captive bread snakes are not considered wild or exotic animals. Then she said it may be prohibited because they could be classified as "inventory" which is not allowed to be stored in the home. It amazes me that here I am trying to start up a legitimate business and all the county can think of is how to block it. I'm waiting a call back and from the sounds of it, I may have to appear before the commission to obtain a conditional use permit. This is crazy. I followed the municipal code and even the planning commissions guidelines for home based business (very limited visitors, no signs, no employees, not a prohibited home occupation, contained inside the home within 250 square feet, etc.). I'll update when I hear back from the county. | |
| | | Cp3_Pythons VaHerp Senior Crew
Posts : 938
| Subject: Re: Forming a real business Mon Feb 13, 2012 2:12 pm | |
| SMH sorry it's giving you a hard time to set it all up Don... You should be ok although and everything go smoothly... Not sure how up to date it is nor how well it works But I occasionally get emails from a business named LegalZoom and they for a low fee set up the LLC business for you...
Please let us know how it goes Don I got my finger's crossed for you | |
| | | smd58 VaHerp Board Member
Posts : 2909
| Subject: Re: Forming a real business Mon Feb 13, 2012 2:31 pm | |
| Sorry to here that, you would think they would want this just for add tex revanew. | |
| | | Jabberwocky Dragons VaHerp Board Member+
Posts : 888
| Subject: Re: Forming a real business Mon Feb 13, 2012 2:53 pm | |
| - Don wrote:
- Well, today I formed a Limited Liability Corporation for our ball python business. I'm amazed we have so many businesses in America with all of the road blocks our government puts up. I consulted a lawyer and did the work myself. Now, I just have to wait and see if I did everything correctly.
The steps so far have been filing with the SCC to form the entity. Then obtain a taxpayer ID from the IRS. Then applying for a business license from the county.
If everything is right, we are now Plethora of Pythons LLC. I bolded the above. Don, do you actually have to file for a local business license in order to form the LLC and obtain your IRS taxpayer ID. | |
| | | Don Moderator
Posts : 2130
| Subject: Re: Forming a real business Mon Feb 13, 2012 3:13 pm | |
| I'm not certain if I really need one, but thought I would so that there would be no question of legality of the business. The sales are done over the Internet and most snakes are shipped out of a Richmond FedEx hub. So, I comply with the municipal code. Still waiting on a call back. I may just let it sit and see what happens.
She tried to say that I have something similar to a Kennel because of domesticated animals, I told her no, they are not domestic animals per the code (they are just not wild or exotic). Then she said it may not be allowed because the snakes could be considered inventory. However, thinking about that, my breeders are not inventory, because I'm not selling them. Nor, are they kept for the purpose of resell. | |
| | | Jabberwocky Dragons VaHerp Board Member+
Posts : 888
| Subject: Re: Forming a real business Mon Feb 13, 2012 3:28 pm | |
| Okay. I have considered going this route myself if I ever surpass hobby status and am watching your progress so I know what to expect. The LLC protection is a great benefit.
From my research, my understanding is the federal and state process is fairly streamlined but some cities make it their job to make the process as difficult as possible. I wish you the best of luck and please keep us updated! | |
| | | jw VaHerp Board Member+
Posts : 1442
| Subject: Re: Forming a real business Tue Feb 14, 2012 5:42 pm | |
| - Don wrote:
- She tried to say that I have something similar to a Kennel because of domesticated animals, I told her no, they are not domestic animals per the code (they are just not wild or exotic). Then she said it may not be allowed because the snakes could be considered inventory. However, thinking about that, my breeders are not inventory, because I'm not selling them. Nor, are they kept for the purpose of resell.
Under state code, pythons are consider exotic. ""Nonnative (exotic) animal" means those species and subspecies of animals not naturally occurring in Virginia, excluding domestic and naturalized species." See: http://leg1.state.va.us/cgi-bin/legp504.exe?000+reg+4VAC15-20-50 | |
| | | Don Moderator
Posts : 2130
| Subject: Re: Forming a real business Tue Feb 14, 2012 6:32 pm | |
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| | | jw VaHerp Board Member+
Posts : 1442
| Subject: Re: Forming a real business Tue Feb 14, 2012 7:08 pm | |
| Thanks, Don.
Darn, thought I had found a useful bit of information. Another example of how fragmented and strange herp regulations are around the state. A CB copperhead is "wild", however a CB ratsnake is not "wild". It will be interesting to see how the county classifies your pythons. Hopefully, you won't have to get your breeders, green cards and work permits! | |
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