View Full Version : What must I do?

03-12-2007, 11:28 PM
I am new to the game. This is my 1st official year of business (last year I had a few side accounts but got more and trying to get more this year) My question is, what necessary steps must I take to become legit? What kind of insurance will I need? I plan on just using my social security number for claiming my earnings. Any help would be appreciated

03-12-2007, 11:33 PM
Call your local insurance agent and ask for "General Liability Insurance"

I would get a tax ID to cover your ss# if you have anyone you need to 1099 or anyone on payroll your ss# would be on a lot of there tax info and you don't want that floating around.

the tax id is free and is just a cover for your ss#

03-12-2007, 11:43 PM
Patriot, thanks for the reply. It would be just myself for this year. I have talked to a few people and some told me to become a corporation. Is that necessary? I want to treat it like a business, so would by getting a tax id number be sufficient?

03-13-2007, 12:37 PM
Start with just a tax id to hide your ss#. Incorporate when you have 2 or more employees because you have increased exposure but it is not needed as a solo op.