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Old 06-14-2011, 01:07 AM
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Bo Eder Bo Eder is offline
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Default Re: quick business lesson please :P ?

Quote:
Originally Posted by Nick G. View Post
so basically, im going to start doing online sessions for people
and im creating a website, i will obviously be charging for this service

so heres the question

do i need to set the website up as a business or can i leave it as a personal site that i could potentially be earning money off ?

Cheers,
Nick
I would just start doing it, and then when you make enough money off of it to where you have to pay taxes on it (here in the States I think you pay taxes on services you provide when you make more than $600 a year with it), you can either keep track of all expenses and continue the same way, or finally create a separate site and then create separate bank accounts for it. But basically the reason you want everything separate is in the event that you get a client that you make unhappy, if he decides to sue, you want him to sue your business, not you personally. If all the money is tied together it's difficult to know where the line is and you could lose all your personal property as well in the ensuing legal battle.
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