Hello there,Yes it is illegal. The risks for doing such are tremendous. You risk everything you have and probably ever will have.You will have to account for this business on your taxes. To do otherwise is a crime.You will have to have adequate business liability insurance to protect you in case something goes wrong. You cannot get that by running a business that does not comply with the laws.I am sure there are folks who have succeeded nicely doing something as you propose. However, I had a close friend who tried it and ran into trouble. She was 5 or 6 years getting out of the mess. She only got out from under the mess then because she married someone who had enough money to bail her out.It is not that hard to do it in a matter that will protect your future. Just don t try it as you propose. It is not really worth the risks you face.Later,
The good news is that you only have to report the income from self-employment with your regular taxes (until you start making enough to hit quarterly reporting). That means that although you have to report all your revenue, it is offset by your business expenses. The key is to get the appropriate business license and tax ID numbers for your jurisdiction, keep good records, and file your taxes on time. You can start off as a sole proprietor (no cost) and later incorporate if the business takes off.
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