Any Tax/Business experts in here?

[1QWK96GT]

Hello everyone had some questions about taxes and business.

For awhile I have been providing unarmed security for a guy and he was paying me cash. It wasn't a big deal and it wasn't frequent or a large sum of money just a little side $. However now the guy turned over the event that I was doing the security at to another company. Well this company still wants me to provide security for them but wants me to sign a contract and send them invoices. I dont have a tax ID or EIN or anything? This new company has also upped the frequency of the events to every Friday from now until the last week of November. They want me to supply 2 guys for each event. How should I structure this? Should I start a business? Or can I invoice him and have him give me a 1099? instead of going the business route? I will say after this stretch of events from now till November I have no more events lined up.

Advice?

Thanks,

 

[SID297]

How much civil liability do you want to open yourself up to. If one of your guys gets hurt or hurts someone else can you handle being sued? If not, you need to organize a business.

 

[1QWK96GT]

How much civil liability do you want to open yourself up to. If one of your guys gets hurt or hurts someone else can you handle being sued? If not, you need to organize a business.

Good call. Wonder if I can participate in the events and file the business before the end of the year and set it up after? I only ask because they are happening this Friday and I dont have anything yet.

 

[SID297]

You will have unlimited personal liability until your business license is granted by the SoS.

 

[2veloce2003]

You can be an independent contractor using a Schedule C form when filing your personal income taxes
Payments in excess of $600 (some exceptions) are required to be reported on a 1099
If you need extra help, they should be independent contractors. Where they provide you with insurance. A sample form can be found on the internet.
Your social security number is valid for doing business as an independent contractor. Complete an IRS W-9 (fill in online and print) and give to the business paying you.
Contact your insurance agent and purchase sufficient liability coverage for yourself.
Forming a business corporation for "misc" service income can be very expensive and time consuming. In addition,federal and state employer payroll taxes, etc are expenses you do not need to incur.