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What Did You Do?

Discussion in 'The Taxidermy Industry' started by Trappertod, May 18, 2021.

  1. When you set up your businesses how did you form it? Sole Proprietor or partnership, LLC, which one to choose. It will be me and my son, I have an idea of what to do, but i wanted to find out what you folks did.
     
  2. ARUsher

    ARUsher Well-Known Member

    I chose LLC based on limited liability and taxes.
     
    Trappertod likes this.

  3. James Marsico

    James Marsico Well-Known Member

    Sole. Write off everything and I mean everything and claim to be broke because you will be anyway. Haha. Anyway, always have a good tax accountant do your taxes and send the IRS a check every quarter of 500 or more. That way you might get a refund or not be hurt to much if you have to pay. Good luck on your business. It takes a lot to pull it off over the years but if I could do it anyone can!
     
    Trappertod, John C and George like this.
  4. joeym

    joeym Old Murphey

    I was a sole proprietor as long as I had family members only working for me. When I began hiring outside help, my attorney suggested an LLC.
     
    Trappertod likes this.
  5. Clovis Point

    Clovis Point Active Member

    I am a sole proprietor... per the advice of my aunt who is also my CPA (she has 30+ years experience and her own successful firm, of which I am, without question, the poorest client on the books). Added a small rider (around $100/yr) with my independent home/car/life insurance guy on my homeowners to cover the slight liability risk of someone injuring themselves on my property.
     
  6. drob

    drob Active Member

    where have you been?
     
  7. Clovis Point

    Clovis Point Active Member

    It warms my heart that someone noticed my absence.... I been Busy as hell.... Farming has picked up with the change of season and baseball is back, Etsy shop has been booming up until mid June, it’s slowed down a little bit. Finally been getting caught up on my critter work. Been working on a piece or 2 for the KY show.
     
    drob likes this.
  8. Jerry Huffaker

    Jerry Huffaker Well-Known Member

    2,477
    283
    LLC here