artofthecoupon.com

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I mentioned in my About Me page that I was going to be starting my own business.  Fortunately, it is an information centered business (tutoring) so there are almost no start up costs.  I paid $50 for 6 months of web hosting (which also includes this domain name too) and $50 for Google Ads, so that was a $100 initial investment.

So, my website has been up and running for about 2 months, and it appears I may have my first customer.  A student wants to book a 15 hour private tutoring package for the fee of $750.  

Needless to say, I am ecstatic.  However, there has raised some issues for me regarding

1. The processing of his payment.  He wants to write a check. I want him to write a check to the company. But the company exists only in my head (and the world wide web) right now.  Should I open a bank account in the name of the company? Can I just do that, or do I need some sort of legal papers (you’d think my law school education would help me here, but sadly 3 years and $119,000 doesn’t actually net you any practical knowledge… I can, however, tell you that if you can find some abandoned property and “adversely possess” it for 25 years, it becomes yours)
2. Taxes.  I’ve been an independent contractor before, and the taxes weren’t pleasant.  Now, if I start earning income from this company, I will be technically self employed, I think.  So, technically I should be able to take deductions for things like the materials I need to teach the course, and mileage, and office space.  This is going to really complicate matters, though, I think