RUNNING A BUSINESS

RUNNING A BUSINESS

Engage a CPA to ensure that you do things correctly from the outset.

If you want to obtain tax reductions from your county be sure to talk with the local tax appraisal district. Each county in Arizona sets their own requirements.

Prepare a business plan if you plan to utilize Schedule F on your income taxes.

If you decide to sell taxable goods, be sure to get a state sales tax license. Then be sure to collect, report and pay for every location where you physically go to sell those products.

Obtain a “DBA” (doing business as) certificate from your county clerk’s office and (if required) a business license from your state if you plan on selling the alpacas and their fleece or fiber end products. You also may need an agricultural farming permit. It is better to ask about these things up front!

Use a good point of sale (POS) system that allows you to set up multiple sales tax rates. We utilize Squareup.com (Square) but there are many others available to you.

Insurance is a business decision that you have to make—both on the animals and on guests to your ranch. Some ranches will suggest that you have insurance on Alpacas under a contract. We have done that. Some states allow for an agritourism ranch to legally disclaim liability for injuries or deaths because of an Agritourism activity. 

OUTSIDE INFORMATION SOURCES https://www.plumcreekalpacas.com/page/10298/outside-information-sources

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