Business Talk - A place to talk about business

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How many of you in the space sell things as a vendor?

How many of you are looking to start?

Well maybe we can use this thread to connect both groups to ask questions and help each other out!

Any experienced members willing to share advice for those looking to sell crafts?

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I guess I’ll start off with some questions I have for people -

So getting ready for tax season! What are some things new vendors should be aware about when starting out?

Or how about:

Is it necessary to start an LLC right away?

To be clear, nothing in this thread is should be considered professional advice. Just a way to share experiences we’ve had.

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Filing LLC is a legal protection from a customer suing you should they suffer a liability for their patronage. If your product could harm someone, or they could unhurt themselves it prevents you from being sued and losing all your assets (home, car etc). It is recommended that you limit your liabilities when going into business as getting insurance to cover lost or damaged product (like when the sewer pipe burst at Katsucon destroying a vendors artwork this last weekend) or if someone steals your product while vending. There may be other options to explore with an attorney should you wish to go into business (sole ownership, dual ownership, filing as a C corporation or an S corporation.). However one of the first things to establish is to get a professional accountant who can help you file your quarterly tax filings when you start a business. I would recommend starting to look Into these Issues after you have earn your first 1000 dollars. At that point, it’s really worth it to pursue your interest as an official business.

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Thanks @Kirkt68 for insight!

Do you do any vendor events around MI? I have been wondering how to get into the scene and what things I should look out for as I start to sell things for the first time. Since taxes are coming up that was where my thoughts wandered, but are there more important ‘first step’ things to look at when starting out?

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I do not. I do have many friends who are professional artists who vend at conventions, art shows, fairs, and other events.