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Chick_In_The_Burbs said:
Just got an update from DH. It took him 2 hours to drive the 15 miles to work. Wrecks everywhere.
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Yup. I drop off my daughter each weekday morning on the south end of Old Pueblo Road, then drive north to the airport. By the time I got to Link road, northbound, it was snowing pretty good, but the problem was the layer of ice underneath. By the time I got to Marksheffel, I was only doing about 30 MPH. When I turned onto Bradley to get to Powers, there was a big multi vehicle accident at that intersection. People forget how to drive in the winter when we've had such a mild one.
 
dennarahl said:
can anyone tell me the differences and benefits of llc and sole proprietorship? I tried figuring it out, and my mind is just shutting off at all the lawyer speak that I'm finding.
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As I understand it it mostly protects from lawsuits stripping your life savings. Sole proprietorship they can still go after your personal accounts. LLC your business is a separate entity from you and they can only get what the LLC has.

I may be wrong, DH did most of the research, but I believe that is the primary difference. And apparently I can apply for a card to get the tax taken off of feed and supplies for the chicks I am hatching.
 
dennarahl said:
can anyone tell me the differences and benefits of llc and sole proprietorship? I tried figuring it out, and my mind is just shutting off at all the lawyer speak that I'm finding.
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Yes, Chick is correct, forming an LLC protects your personal assets in the event of litigation or bankruptcy, while still allowing pass-through income so you claim the profit as personal income without having to file a separate corporate tax return. I formed an LLC for my eggs and chicks called Biddy Bounty, LLC, and then also for Colorado Chickens, LLC, just in case something went horribly awry with business transacted through/because of the website.

In most cases, you can claim a loss on a business venture up to four years, but by the fifth year you need to show some kind of profit for it to be considered a legitimate business as opposed to a tax maneuver.
 
Chick_In_The_Burbs said:
As I understand it it mostly protects from lawsuits stripping your life savings. Sole proprietorship they can still go after your personal accounts. LLC your business is a separate entity from you and they can only get what the LLC has.

I may be wrong, DH did most of the research, but I believe that is the primary difference. And apparently I can apply for a card to get the tax taken off of feed and supplies for the chicks I am hatching.
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I'm really interested in finding out more about your tax exemption status. When you get a chance can I get some more info on that? I would love to be able to buy feed with no tax and I'm assuming there are some more wright offs I could use as well...
 

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