I want to start as a free-lance personal trainer, meaning I don't want to Incorporate or create LLC.
Hello, fellow trainers!
I am a newly certified by ACE personal trainer, and I am considering training clients in their homes. I do understand the necessity of having a prof. liability insurance. However, as far as business registration-my understanding was that I would have to register my business only if I either incorporate it or create LLC. My intention is, though, to do it as a free-lance trainer (at the beginning, anyway), and I thought that I wouldn’t need to register it in this event.
Is my assumption wrong?
Thanks in advance! I will appreciate all advice I can get
the moment you charge for your services you need to register a business. The best thing is to check with the municipality where you live on the requirements. This does not have to be a big deal or cost a lot of money. But your income is ultimately subject to taxes, and you also can claim tax write-offs against the business.
Don't freak out about that. Let me give you a personal example: I registered an additional business for translation just to have it in case I want to do it, and here in Raleigh, I only pay $50 per year. That way, I am covered if I do that kind of business,and I would definitely be considered freelance.
This is fairly standard and ethical.
As a sole proprietor I also suggest setting up a business checking account and seeking the advice of a tax attorney.
Make sure you have adequate insurance and that you keep track of all of your expenses.
In addition to what has already been mentioned, I think this link on this site will be of help to you.
All the best!
Congratulations on your new business adventure!
Some great advice already given here.
I added a link for you as well.
Wishing You Great Success,
Appreciate your responses
The reason I am thinking about freelancing first is that, I believe, that for me, initially it would make more sense financially, until the business picks up and grows. I intend on doing it gradually. Having said that, I absolutely agree that, ultimately- an LLC structure would be a better choice.
I truly appreciate all of you sharing your thoughts and suggestions. It means a lot!!
You could also check out score.org.
This is free help for small business owners.
Yes, all businesses need to be registered.