Taxes....taxes.....we don't pay no stinking taxes.lol.
I it would depend on how you set up. Sole Proprietorship, Partnership, Corporation, LLC, S corp. The easy one is Sole Proprietorship, difficulty and cost to form, maintain and tax preparation is very low. However libility risk is very high, you would pay tax on all the money that comes in as your income but you would be at risk for all the bills (people could sue you and not only take the business but all that you own because you ARE the business) Many start out as a Sole proprietorship and as the business grows and takes on more risk they then change the legal structure. Best thing to do would be to set down with someone from the small business administion and talk to them, it's free and they can give all the info you need. Good luck.
Last edited by SomeThingInTheIce; 04-21-2008 at 01:16 PM.