When should i incorporate my photog. business?
I've been thinking about filing(?) it as a llc for some time now. However i've put it off because i was learning the ropes of photography, and it was a hobby mostly for me, as well as i only had a few paid gigs during the first year (3ish), and a few were free. Currently, i don't really do many gigs because im focusing on school, and it would be around 3-5 for this year i'm assuming. But i think it may be a good time to start legally running my business. I do have a website and sign contracts(for preventive measures), but weddings should be taken very seriously and thus so should my business. As well as i would like to cover myself in case something goes wrong, esp at a wedding. I have my own site and its under a diff name then my name. I live in NY if that helps.
My main question would be even if i only take up 3-5 paid gigs a year, would i have to pay extra for taxes like monthly? I'm very new to the legal aspect of buisnesses and not 100% sure how everything works. Thoughts and opinions are welcomed.
I think you should talk to someone who knows what they're doing. Of course you can consult an attorney, however that could cost you an arm and a leg, BUT there are several online document filing services that offer a free business consultation with no obligation and no fees. I suggest starting there. :)
Source(s):4 months ago
You do not sound like you need to incorporate. What you need to do is speak with an accountant who can look at your financial position and risks and then guide you as to what type of company structure is best for you.by rick - 4 months ago