Setting up a proper business
Looks like I need to think about setting up a business for myself. While I have done small freelance things in the past, there is a chance that there will be changes ahead. Really need to figure out the proper way to arrange my assets and income in a way that is safe and manageable. Let’s ask ChatGPT what sort of business I should open up.
Given your circumstances and goals, an LLC, or limited liability company, would be a good option for your art business. An LLC provides personal liability protection for its owners, known as members, and offers the flexibility of being taxed as a partnership, sole proprietorship, or corporation, depending on the number of members and tax election made by the members.
As for the potential impact on your retirement benefits, it would depend on the specifics of your retirement plan and how the income from your art business is structured and taxed. It’s advisable to consult with a financial advisor and/or tax professional to assess the potential impact and make informed decisions about your retirement benefits.
Additionally, it’s important to note that there may be other business structures that could better suit your needs, such as a sole proprietorship or partnership, and it’s recommended that you seek the advice of a business attorney to fully understand the benefits and drawbacks of each structure before making a decision.ChatGPT