Starting your own bait buisness, advice and help???

[jmik26]

Me and a buddy are interested in getting advice for starting a small bait business, about 1 ? 5 k a year to start. We are like most of the forum members, pouring our own baits. We have a product line of about 6 different lures and one specialty that NOBODY has. The big catch is how do we go about establishing a company? I am sure we will need a tax ID number? Do we need an accountant for book keeping? Can I just keep legers and give that to a tax consultant 4 times a year? Can we write off the supplies like bags, labels, molds, etc?.

We have so many questions with nobody to answer them. If anyone could offer some info that would be great, even if they can steer us towards a good book. What we do have is:

1. Local bait shop willing to carry our baits.

2. Well know tube maker willing to sell our baits.

3. CNC machinist willing to do custom work.

4. Ebay credibility and full knowledge of posting and selling.

5. Web site developed just not published yet.

6. Understanding of general ledgers and balance sheet.

We live in IL if that matters, can somebody offer some help?

[if it swims we can catch it]

[John 3:16]

[millsryno]

I'd talk to an accountant. They will get you set up on your books, help you will liscensing and all that. I do my bookeeping on my own and turn my in to the accountant quarterly.

[Dungeonhawk5]

basically since its you and a friend you will run in to more of an issue than if you were solo.. i too am working towards this and you will be entering a partnership, which in most states comes with different laws for filing, tax id's etc... best bet is to just contact your state treasurer and ask who you would need to talk to.. or your state or county recorders office.