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Jacobs & Newmark, CPAs
100 Lexington Drive, Suite 250, Buffalo Grove, IL 60089
Phone: 847-537-0100
August 2024
August 2024 Q & A
QUESTION
I have a hobby that I’m considering turning into a side business in hopes of making it full-time. What legal aspects do I need to consider?
ANSWER
Regulations vary from state to state and business to business. Be aware of the requirements of the Americans with Disabilities Act to accommodate customers and employees. Information resources to contact include your state and local government(s), the chamber of commerce, and your local Small Business Administration (SBA) office.Consult your legal and tax professionals for advice specific to your enterprise and area. You also must decide what business form you want to use. Most new small businesses choose a sole proprietorship, partnership, or a limited liability corporation structure.
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