How a Business Hired a Lawyer to Review a Buyout Agreement in Florida

First, there's no specific "self-employment" registry. If you plan to operate a business in the state of North Carolina, you need to register with the Secretary of State. You would need to choose a specific entity form type (LLC, Inc, etc) and you would also need to choose how your entity would be taxed (some form types don't get a "choice" per se). But as a self-employed person, many opt to create a LLC as a "disregarded entity" with the IRS. This means that you have a business entity, with an IRS-provided TaxID number, and the protections of a limited liability company. But from a TAX perspective, the IRS would "disregard" the business and simply tax you on the earnings of the business. This can be of significance, so you'll want to talk with an attorney and/or a tax professional (CPA) about your planned activities and both your entity form type and your tax type so that you can optimize your choices. If you were to be an LLC as a disregarded entity (a sole proprietor), then you would owe both the taxes on your FTE wages as well as self-employed taxes (at a tax rate determined by your total earnings) on the money from your side job. So using round numbers, pretend tax rates and ignoring the concept of withholding, let's assume that your current federal effective tax rate is 20% and that you make $100K/year. You'd owe $20K in federal tax for your income. But if your side hustle also made $100K/year, your effective tax rate could creep higher (as an incremental tax, not every dollar is taxed at the same rate) to say, 22%, so you could end up owing $44K in tax. Which might be fine with you... until you forget to pay estimated taxes throughout the year and the IRS then penalizes you for not paying them a percentage of your earnings throughout the year (whereas the withholding payments from your FTE job are typically seen as those payments). All in all, there are a TON of considerations for doing this and it's not something you should just look online for free advice to fully answer.

Yes, you can use a different name for your business other than your legal name through a process called "Doing Business As" (DBA), also known as a fictitious business name or trade name. Here are some key points to consider: 1. Registration: Most states require you to register your DBA with the appropriate local or state agency. 2. Legal compliance: Using a DBA allows you to operate your business and enter into contracts under that name. 3. Trademark considerations: A DBA doesn't automatically protect your business name from trademark infringement. 4. Banking: You may need to provide your DBA registration to open a business bank account. 5. Tax implications: A DBA doesn't create a separate legal entity; it's simply an alias for your business. While using a DBA can offer flexibility in branding, there are important legal considerations and potential pitfalls to navigate. The specific requirements and implications can vary depending on your location and business structure. Given the complexities involved, it would be prudent to have professional guidance to ensure you're fully compliant and protected. As an experienced business attorney, I could assist you in: 1. Determining if a DBA is the best option for your situation 2. Guiding you through the registration process 3. Addressing potential trademark issues 4. Ensuring all legal requirements are met Would you like to discuss your specific business plans and how I can ensure your DBA is set up correctly?