Should I turn into an LLC?
HI all! I am trying to turn my art into my business. I want to offer classes and instruction on a number of different techniques and creations. However, in NC it is expensive to start an LLC. In fact they are one of the highest in the country. With that said, can anyone give advice on offering lessons and the legality of it all?
You might find that the tax advantages of filing a schedule C outweigh the high fee of $125. And you will be able to deduct mileage at .54 cents on the mile. Additionally the tax code is written in such a way that all your associated expenses reduce your net profit ... a highly advantageous tax situation as you build your name value. In fact in some states you might be in the 'red' expense wise for up to 4 years before an audit ... a reduction tax situation. You might want to check with a tax accountant before you proceed. If you can build regular classes into a dependable income stream ... this is one way to do it.
A word to the wise ... keep your instruction light and entertaining ... yet technically sound. When you do classes you are in the entertainment business 1st and the art instruction business 2nd. When you offer critiques ... don't go for the jugular. I always say ... 'if you are not making a mess ... you are not having fun.'
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