Online coral vendors, how do you do it?

[Boxofpurplerocks]

For all of you out there who run an online coral shop… i.e. who have a website that you sell coral off of, wondering how you handle the business side of things. Do you have an actual business set up? An LLC? Business license and tax id and all that? Or do you just simply sell coral out of your tanks/propagation tanks as orders come in? As more and more online sellers pop up, im curious as to how the actual business aspect works. Seems like there would be a lot of overhead/legal/tax details running a registered business, vs. just setting up a Shopify site or similar and selling your corals which seems like what a lot do around here. Any insight is would be welcome!

 

[Arego]

Have you ever run a business of any sort? How good at the hobby are you?

 

[Labridaedicted]

Most wholesalers will require you to have an LLC at minimum (there are some who only deal with brick and mortars).

If you're just selling out of your own small personal collection, you're fine without one. If you start keeping a bunch specifically to sell and something happens an LLC is to protect your assets.

Also, registering for a business will keep you out of trouble with the IRS if you start selling alot.

 

[Boxofpurplerocks]

Have you ever run a business of any sort? How good at the hobby are you?

Exactly! Those are my questions posed to the coral vendors out there

 

[Boxofpurplerocks]

Most wholesalers will require you to have an LLC at minimum (there are some who only deal with brick and mortars).

If you're just selling out of your own small personal collection, you're fine without one. If you start keeping a bunch specifically to sell and something happens an LLC is to protect your assets.

Also, registering for a business will keep you out of trouble with the IRS if you start selling alot.

Makes sense. Curious if a lot of the sellers out there are operating under an LLC and a registered business or not. A lot of online shops I see seem like “garage sellers” and makes me wonder just how legitimate of a business it is.