I like the idea of just doing business on a cash basis
If it really takes off, you can do a business startup. Be advised, there are a lot of hoops you'll need to jump through if you create an actual business, and a lot of extra expenses to "pay the man."
Recommend keeping it as a small cash business until you have so much work that it morphs into a real business.
A few things to think about, if you start a real business.
- liability insurance
- SCC license
- LLC establishment
- separate business bank account with checking & savings accounts
- Accounting software (& do it yourself)
- CPA and/or legal representation
- IRS filing number
I'm sure one of our local CPAs or lawyers can provide much more detail...
Good hunting!
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In response to this post by Tafkam Hokie)
Posted: 08/14/2018 at 5:53PM