The Gig Economy is heating up and as a participant it can be easy to take the money and run. However, as a gig worker, you are technically a small business owner and you need to operate accordingly. Let us help you get your operations in compliance so you can run your gigs efficiently and effectively. Get started to today by contacting us now!
You can start by watching this short webinar to help you automate your business. If you find it helpful, send us a note!
The Importance of Business Organization for Gig Workers:
Being a Gig Worker can provide freedom (both in time and money). However, there are steps that Gig Workers need to take to make sure they are legally compliant, pay the right taxes and operate efficiently. While there is not an “overseer” watching your every move as might be the case with a traditional job, for the freedom of choosing your schedule, you must organize yourself as a business. Failure to do so may mean you are unable to obtain affordable health insurance, unable to pay your taxes, be unprepared for emergencies or breaks in available work or more. Despite “worker” being in the name, a Gig Worker is a business owner and you need to operate appropriately.
What does it mean to “Be in Business”?
Being in business means different things to different people. For a Gig Worker, it may mean that you have downloaded an app. For an Independent Contractor, it may mean you have a signed contract for services. For an artist, maybe you have booked a show. While all of these actions are steps in the Business Formation process, taken alone, none of these actions create a Business. To go from a person doing work to a person in business, a couple of questions need to be asked and answered:
How do you want to be registered? (County or State)
What will your full list of services/products be?
How will you manage your accounting system (income and expenses)?
How do you pay state/federal taxes and how often do you make payments?
These are just a few initial considerations you need to make. Once you make these decisions, action must be taken to register those decisions and maintain accurate records. Most business owners skip the maintanence requirements resulting in detrimental consequences. Our Law Firm helps you understand and answer all the basic questions needed to start your business and provides the tools to keep your business in good standing.