- Joined
- May 30, 2017
- Messages
- 2,150
Hello, everyone.
It's Liquifin of the Arachnoboards or Laxow as everyone knows me on Youtube.
I'm currently on the journey of starting a small LLC business for myself. I don't plan to make this full-time as that is just not really realistic. But even still, I want to document and record this journey. So that way, in the future, if anyone wants to start a business and has no clue. They can just read this post and maybe get a perspective or idea if they're looking into starting a business. So feel free to recommend this post to everyone or anyone in the future wanting to sell tarantulas. My DISCLAIMER is that your state, country, and government system will be vary overall from the process and everything. This is just my story and process so far:
Currently, my business is registered and official, but I cannot buy or sell anything until I can get my Tax and Revenue Documents and some registrations done as well. Which will be on October 1st supposedly from what I was told.
This journey so far has been confusing and I'm learning as I go. One thing I can say for sure is that I have no clue what almost all of these business terms or taxes are. To be fair, even most adults will have no clue what some of these things are. I'm just an ordinary person like everyone else in this big world. And although some people do regard me well on this forums or on Youtube for my tarantula knowledge and insight, this is all foreign things to me when it comes to starting a business.
People say registering as a business was hard, but apparently, that is the easiest part. There are many businesses today that specifically helps you and basically does the majority of the registering for you to where you don't have to do anything such as registering and receiving Business EID's, BOI's, or Confirmation documents. They can definitely help you with that part, just like with me. However, the next part was difficult in-terms of acquiring permits/licenses.
In terms of proper permits/licenses to sell animals. You have to contact your States wildlife service and local area in terms of what those required permits/licenses are. The problem was that I made almost 50 calls just to find out that I need just one permit which wasn't that big of a deal. Then I had to apply for the required permit and/or license which requires the company name (*my LLC) and what/how many specimens you are acquiring. Then I had to wait days for it to be reviewed and approved to where I can then legally purchase my permit that I needed and applied for. The only problem is that I have no clue how to update it if more reptiles or animals are acquired to my permit, but I'll figure it out. But contacting my local city where I am located was and still is very difficult. Apparently, you have to contact your city or area to tell them that you're a business selling animals. Then they'll supposedly tell you what are the permits or regulations and also what kind of taxes and also how much taxes you'll pay for your business. As of the first post on this thread, my city has yet to receive my calls apparently, I left three messages and I'm still waiting. But I heard they're quite lenient, but I'm still waiting for them to take up my calls and questions.
In terms of taxes and documents, I have zero clue what they are and how they work. Whenever you buy/sell wholesale or anything (assets, inventory, animals, etc.), it needs to taxed properly. I have yet to buy anything under my business name, but understanding what files, numbers, or anything for that matter is just too much for me to comprehend and understand. So I decided to just look for a business accountant as of now. I'm hoping I can find someone local where I am. And if I do, I hope they can help with that. I'll update if I do get an accountant in October. There is a lot of taxes here in the USA and apparently there is more than just one kind of tax. You have to consider state taxes, local/county taxes, and others. So whatever you sell, just know that a portion of it will be going to your taxes and government. I guess this probably the reason why tarantulas in the USA are expensive. Which is probably to curve and break even in net-revenue due to taxes placed upon selling anything. I don't know the exact math because states and areas will vary, but I'd say 15%-35% of what you earn will go to taxes. So I guess don't try to make selling tarantulas a full-time job or income unless your wealthy or are truly successful. I decided that even though tarantulas will be a source of my business, I also want to reach out to frogs as well for my small business.
I also need to create a business bank account soon as well. It will for sure help with separating my personal assets and money from my business assets and money. I heard it isn't hard to make one, so I'll see how that goes.
This is my journey so far, and I will update it in the future. I'm just like everyone else when starting up a business: confused, scared, and learning as I'm going along. But it also feels right for some reason. I'll figure it out and update this forum over time, including: errors, mistakes, and successes.
It's Liquifin of the Arachnoboards or Laxow as everyone knows me on Youtube.
I'm currently on the journey of starting a small LLC business for myself. I don't plan to make this full-time as that is just not really realistic. But even still, I want to document and record this journey. So that way, in the future, if anyone wants to start a business and has no clue. They can just read this post and maybe get a perspective or idea if they're looking into starting a business. So feel free to recommend this post to everyone or anyone in the future wanting to sell tarantulas. My DISCLAIMER is that your state, country, and government system will be vary overall from the process and everything. This is just my story and process so far:
Currently, my business is registered and official, but I cannot buy or sell anything until I can get my Tax and Revenue Documents and some registrations done as well. Which will be on October 1st supposedly from what I was told.
This journey so far has been confusing and I'm learning as I go. One thing I can say for sure is that I have no clue what almost all of these business terms or taxes are. To be fair, even most adults will have no clue what some of these things are. I'm just an ordinary person like everyone else in this big world. And although some people do regard me well on this forums or on Youtube for my tarantula knowledge and insight, this is all foreign things to me when it comes to starting a business.
People say registering as a business was hard, but apparently, that is the easiest part. There are many businesses today that specifically helps you and basically does the majority of the registering for you to where you don't have to do anything such as registering and receiving Business EID's, BOI's, or Confirmation documents. They can definitely help you with that part, just like with me. However, the next part was difficult in-terms of acquiring permits/licenses.
In terms of proper permits/licenses to sell animals. You have to contact your States wildlife service and local area in terms of what those required permits/licenses are. The problem was that I made almost 50 calls just to find out that I need just one permit which wasn't that big of a deal. Then I had to apply for the required permit and/or license which requires the company name (*my LLC) and what/how many specimens you are acquiring. Then I had to wait days for it to be reviewed and approved to where I can then legally purchase my permit that I needed and applied for. The only problem is that I have no clue how to update it if more reptiles or animals are acquired to my permit, but I'll figure it out. But contacting my local city where I am located was and still is very difficult. Apparently, you have to contact your city or area to tell them that you're a business selling animals. Then they'll supposedly tell you what are the permits or regulations and also what kind of taxes and also how much taxes you'll pay for your business. As of the first post on this thread, my city has yet to receive my calls apparently, I left three messages and I'm still waiting. But I heard they're quite lenient, but I'm still waiting for them to take up my calls and questions.
In terms of taxes and documents, I have zero clue what they are and how they work. Whenever you buy/sell wholesale or anything (assets, inventory, animals, etc.), it needs to taxed properly. I have yet to buy anything under my business name, but understanding what files, numbers, or anything for that matter is just too much for me to comprehend and understand. So I decided to just look for a business accountant as of now. I'm hoping I can find someone local where I am. And if I do, I hope they can help with that. I'll update if I do get an accountant in October. There is a lot of taxes here in the USA and apparently there is more than just one kind of tax. You have to consider state taxes, local/county taxes, and others. So whatever you sell, just know that a portion of it will be going to your taxes and government. I guess this probably the reason why tarantulas in the USA are expensive. Which is probably to curve and break even in net-revenue due to taxes placed upon selling anything. I don't know the exact math because states and areas will vary, but I'd say 15%-35% of what you earn will go to taxes. So I guess don't try to make selling tarantulas a full-time job or income unless your wealthy or are truly successful. I decided that even though tarantulas will be a source of my business, I also want to reach out to frogs as well for my small business.
I also need to create a business bank account soon as well. It will for sure help with separating my personal assets and money from my business assets and money. I heard it isn't hard to make one, so I'll see how that goes.
This is my journey so far, and I will update it in the future. I'm just like everyone else when starting up a business: confused, scared, and learning as I'm going along. But it also feels right for some reason. I'll figure it out and update this forum over time, including: errors, mistakes, and successes.
!!! If I wasn’t broke I’d order a few, been looking no jobs here yet.
A ton of respect to you and all of the breeders out there. I don't think people understand how much work breeding is (especially if it isn't a full time gig)
