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.
Check out the requirements of your county and if need be, file a fictitious business name and then acquire a business license.
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,