I have a side hobby business that has grown quite quickly. I want to open a small business checking account, but like anything banking or small business related, it is confusing as can be. I dont have an LLC, so I guess I operate as a sole proprietor. As a sole proprietor, can I use a "business name"? That inevitably leads to another question, can I even operate my business under a "business name" without any additional licensing/paperwork? Looking at this I have started to wonder if Im already not doing something the way the government would like? Will there be more problems waiting for me when I go to file my taxes under my name without any sort of tax ID number or business license?
None of this is straightforward. I really wish it could be as simple as going about my business, at the end of the year say I made X dollars and if you dont believe me, look at my books. I still havent figured out what all of this licensing and bureaucratic BS accomplishes, what applies and how it applies, and whether or not I am going to screw myself at the end of the day by not doing something Im supposed to or by paying a lawyer to tell me that I really didnt have to do anything and just wasted what little money I make having him tell me that.
None of this is straightforward. I really wish it could be as simple as going about my business, at the end of the year say I made X dollars and if you dont believe me, look at my books. I still havent figured out what all of this licensing and bureaucratic BS accomplishes, what applies and how it applies, and whether or not I am going to screw myself at the end of the day by not doing something Im supposed to or by paying a lawyer to tell me that I really didnt have to do anything and just wasted what little money I make having him tell me that.