Beginning Stages - Looking for advice
Beginning Stages - Looking for advice –
My husband and I are interested in starting a business in a year if after researching and asking a multitude of questions we feel it is the right path for us. For clarification, we are interested in opening a brewery eventually. Right now we are complete novice at the the process and learning the ways of making a home brew to establish some original beers. My question is...if we begin to buy all the needed equipment for producing this beer while in the research and development stages, are we able to use this as a tax write off? Would we have to have the so called "company" established before we could claim taxes? Or do we have to be turning a profit before this could happen? Doing minimal research myself within the Indiana Secretary of State website, I believe I see that if you classify your business as a sole proprietorship or a partnership you do not have to register with the state? Is that true? Also, am I reading it correctly that these types of legal entities do not need to register a company name? A fish out of water looking for clarity!
Thank you in advance for any replies!
