Business or hobby?

Discussion in 'BlackHat Lounge' started by dhamma_man, Dec 5, 2008.

  1. dhamma_man

    dhamma_man Junior Member

    Feb 9, 2008
    Likes Received:
    Northern California
    Question: Do you treat your online money making activities as a business or as a hobby?

    Just curious, but since I've had a few RW businesses, when I started getting into online marketing (after an initial learning phase), I did what I could to set it up as a business, including writing up a brief business plan, setting up a business entity (now an LLC), getting a tax id, keeping books, etc.. Mostly, this is because I expect to make enough money doing this (not quite there yet) to justify the time and expense and I know how difficult it is to come back later and try to set things right. Plus the business plan lets me keep on track and keeps me from jumping from one thing to another too quickly.

    Is ANYONE else doing the same, or am I the only anal-retentive one on here who's looking down the road a year or two??

    And if you are running it as a hobby and you are making some real cash, how are you covering yourself? Do you really think that there aren't any traces that will come back to bite you in the future or do you actually have a plan?

    I really do hate to be a wet blanket, but you've never really known the fun and joy of anxiety and raw fear until you've been questioned by your respective country's revenue agents. And paying someone major $$ to represent you is just added icing on the cake!

    >> The reason I'm asking this is not to bring you down or dissuade you, because IM really is the future, but to let you know that there are other areas of knowledge you might need if you are going to enjoy your gains. Plus, I'm really curious how many other business people are on here.

    Cheers! :)
  2. howdoyou

    howdoyou Regular Member

    Nov 17, 2008
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    :ebay: IRS?! Where!?!?! :breakpc1: Prove it!