The Biggest thing between a business and a Hobby - Piercing the corporate Veil
So of course if you're starting a business you will think it is a business always, but sometimes the government will think it is just a hobby if you're not as serious as you think you are. Of course these are generic things I did to start a BUSINESS opposed to just starting a hobby that might make money... I would recommend getting a pay by the hour business lawyer to help set up everything and an accountant to start out.
- Set up your LLC. This is good for many reasons and one being setting up your EIN so you can start putting funds away and writing things off.
- An EIN number is pretty much signing up your "baby" with a social security number and starting a bank account. Keep everything separate when starting a business.
- From there, start keeping basic book keeping of everything you do so that at the end of the year you can prepare yourself.