Originally Posted by Rll131
This I what I have found out so far. I don't need a dba or business license in md. If I want insurance I can get insurance but is not needed. I ended up setting up a separate personal checking account for checks and Paypal here all checks need to be made tome personally. Also ill be paying a schedule c 1040 tax return which I can write off a lot of equipment miles ect. (In the process of getting insurance dont want to risk it). I found this old post also this is exactly how lawnlubber ran his business. Don't need I Ein either since I have no employees. CPA just told me all this and of course offered to do all my paperwork/taxes for a fee.
Okay. First off, that post is 9 years old, completely outdated information. So you're not going legit, you're going to continue to be an individual recording "other income". You aren't creating a business at all. To be a business, you do need to have a registered name. You do need an EIN. You do need insurance. How are you going to write off anything when you have no business? It's not like its a personal 40 hour a week job that you bought some tools for so you record it on your 1040. How are you going to get a commercial liability policy with no business to put it under? How in the world can you be "legit" with none of this. I'm not trying to be cruel, I'm just curious how you can be a legitimate business at all. I understand it varies from state to state, but EIN, LLCs and S-Corps, are FEDERAL regulations, not STATE. The IRS, as crooked as they are, is a FEDERAL government agency, therefore their regulations regarding businesses are the same across the board. No offense, but you aren't going legit, you are staying under the table. I would highly reconsider not registering your business name, not getting a EIN, and not getting a business acct.