Update! I got in contact with the business assistance center for my region in Indiana, and they helped me out with getting things set up!
The Royal Nest Reptiles is now an official LLC! I’m pretty hyped about it honestly!
I also finally got the contact info for the accountant, so I’ll be able to go through them when it comes time to file taxes and whatnot haha
I breed snakes as my sole source of income, but I work with various species, many of which are “higher end” (for lack of a better term) – Eastern Indigos, Blackheaded Pythons, Lavender False Water Cobras, etc. You need to invest a lot of money to make a sustainable income. It was never about the money for me; but I knew from the moment I handled my very first snake that I wanted to make a career working with the animals I cherish more than anything on this planet.
Anyhow, in regards to registering your business – I am registered as a sole proprietorship. I didn’t feel the need to acquire an LLC as I don’t have any major assets that are used for business and business alone (i.e. a separate facility or designated company vehicle), thus the point of an LLC – which is to legally separate the liability and assets of your business as an entity from you as an individual – wasn’t worth the cost for me personally (it costs money to acquire an LLC in my state). The sole proprietorship was free and easy to apply for online and it allows me to complete the necessary tax forms for my business using the EIN (employer identification number) they provided me with upon filing. LLCs are good for those who have major assets tied to their business, but I just breed from home with my only business asset being a checking account. Some people acquire an LLC without such assets, and that’s fine; I just didn’t see the need to. Unless I decide to purchase a separate building to breed in – which is unlikely as I very much enjoy having the option to hangout with my Cribos at 3-4am – I will just stick with the sole proprietorship.
Yeah, that’s fair! I would like to eventually open a shop and have a storefront, and possibly sell supplies and feeders and all sorts of stuff along with reptiles, so I thought starting as an LLC would make things easier.
I also want to look into doing educational gigs with my snakes, and go to birthday parties or library events, stuff like that. I love teaching people about snakes and even getting to see people hold a snake for the first time!
I want to take a moment to thank everyone who breeds full time and has replied to this thread. It’s something I’ve been considering recently and it’s nice to know there are so many options. Some of you breed less expensive snakes and sell wholesale, while others do high end. I’m glad there are niches for both. Some people have LLCs and others are sole proprietors. I think that if I’m able to breed full time, sole proprietorship is what I would lean toward as well, since I’m just breeding out of my home.
It also sounds like most of you work with multiple species, which is something I’m doing as well. Ideally, I’d like to provide both pet quality animals and some more expensive morphs, though I don’t have anything I’d consider high end yet. I’m not sure there’s a niche for what I want to do, but… guess I’ll just mess around and find out. Either way, I plan on keeping my snakes for a long time, whether they grow into a business or not.