legal or illegal??? that is the question

[sslak]

Start by growing and trading/selling locally, that's similar to selling/trading old stuff out of your garage...you shouldn't need a business license.

Once you evolve to the point of making enough profit that you need to pay taxes, then you can worry about getting more official.

Most importantly, have fun!

[joejoe1055]

i say go ahead a try it out, start small and sell to locals or the lfs in area
just keep your prices low and quality good

[dogstar74]

How to start a rabbit farm:

Step 1: Buy a rabbit to see if you even enjoy rabbits.

Step 2: If you enjoyed step 1 then Buy another rabbit and see if you like to breed rabbits or if you're even any good at it.

Step 3: Sell or give away as many Baby rabbits as you can to see if the market is there.

Step 4: If the market is jumping, Buy a barn, Buy 20 rabbits, Buy your food wholesale, and start paying taxes.

Hope this helped

[Apparition]

Originally Posted by dogstar74

How to start a rabbit farm:

Step 1: Buy a rabbit to see if you even enjoy rabbits.

Step 2: If you enjoyed step 1 then Buy another rabbit and see if you like to breed rabbits or if you're even any good at it.

Step 3: Sell or give away as many Baby rabbits as you can to see if the market is there.

Step 4: If the market is jumping, Buy a barn, Buy 20 rabbits, Buy your food wholesale, and start paying taxes.

Hope this helped

Almost exactly the same rules apply to rabbitfish. Except the barn part. Rabbitfish hate living in barns.

[Khemul]

Originally Posted by RVANANO

IIRC, there are limits to what you have to report. I believe it depends on whether you advertise, how often you do business and how much business you do. When I was flipping cars here and there, my CPA told me that in my circumstances, I didn't have to report b/c I was under the threshold. I am not a CPA and this was years ago so do not quote me on that. Just do a little research.

In theory you are supposed to report everything.

In practice you only have to report what the IRS will notice.


The "limits" more have to do with what will get the attention of the IRS rather then being true limits. In some cases these "limits" are points where the IRS automatically gets informed that they should be expecting you to report something.

[gp2]

Originally Posted by dogstar74

How to start a rabbit farm:

Step 1: Buy a rabbit to see if you even enjoy rabbits.

Step 2: If you enjoyed step 1 then Buy another rabbit and see if you like to breed rabbits or if you're even any good at it.

Step 3: Sell or give away as many Baby rabbits as you can to see if the market is there.

Step 4: If the market is jumping, Buy a barn, Buy 20 rabbits, Buy your food wholesale, and start paying taxes.

Hope this helped

What he said!!

Just start selling! If you are under 18 it would seem very unlikely the IRS is going to come banging on your door. At least initially you will probably deal mostly in cash. Coral transactions typically involve people driving up to your house, making small talk, they hand you cash, you hand them a baggie. It resembles another market entirely! Seriously though, if you start selling a lot it is fairly easily to apply for a TIN (tax ID number, sort of a social security number for a business) and a business licence. If you are growing your business the advantages of being legit is buying wholesale. You will need to have more than a tank at your house to pull that off typically.

HTH, good luck! (I started selling fish to LFS's when I was 14)