Posted: 10/2/2011 8:07:21 AM EDT
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I raise chickens, ducks, guineas, and goats as a hobby. Currently, we do sell eggs. In the future, we plan on selling goat milk. Seems like it would be a good idea to set up an LLC of some sort. Currently, we have no business of any sort....just some people selling spare eggs.
What is the best way to set something like this up, and are there any other implications to consider? I have seen many threads about setting up an LLC for purchasing NFA, but not sure how it would differ for something like this. Currently, we don't make any money off of this...the little bit we make from eggs is nowhere near wat the cost of feed is. |
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It's real easy here in Wisconsin. You can do it right on the Web in 15 minutes.
https://www.wdfi.org/apps/CorpFormation/directions.aspx?type=12 It costs $130 for the initial filing and $25 a year to file the annual reports. LLC's are nice when it comes to taxes, as they aren't treated as a corporation (unless you elect to do so) and you don't have to set up a whole separate corporate entity. For tax purposes any activity that occurs from the LLC is declared on your personal 1040. Since you mention eggs and goat milk, that would be considered farming and there is a specific schedule (Schedule E) that would be used and attached to your 1040. |