You might be shooting for a while and getting clients, but have you every stopped to think what would happen if you got in trouble with the IRS or a lawsuit?
Let me give you some practical steps to protecting your business, your family and staying organized in a sea of photographers that are “hobbyists” but still doing a “business” by taking money.
These steps are what I took in the state of Virginia. Your state might have different laws.
After filling out the paperwork with the SCC, then you take you EIN (tax number), LLC certificate and your ID to your local city hall (This is how my city, Chesapeake, does it. If your city is different, call ahead first) and there is where you get your business license.
Then if you are registered a trade name, or a DBA (doing business as name), you are sent to your local court house to file.
Now, you can apply for a separate business banking account that is different than your personal assets (just in case you get sued)
Now you can protect your gear and your business in case of a horrible incident.
How do you stay organized with all your receipts, mileage and income?
https://quickbooks.intuit.com/oa/self-employed is probably the best decision that I made last year and now organizing all of my business paperwork and taxes is a breeze!
Have any other tips? We would love to see your comment on how you become a licensed photographer and the benefits of doing so!
She lives, breathes and does media and marketing pretty much 24-7 for over 14 local business through social media management, website design, photo, video or media coverage or graphic design.
She is a homeschool mom of three, cat lover, sushi eater and poke fan!
She started her business in 2011 with nothing but a $400 camera from Amazon, now she is has been published in over 60 different blogs and websites for her media work and rank top Wedding Photographer in Virginia Beach.