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3 of the Most Important Steps To Legally Set Up Your Photography Business.

January 26, 2022

As a new photographer, you may have so many questions about how to legally set up your photography business! The thought of it may sound daunting and you may be scared. But, we’re here to walk you though it.

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As a new photographer, you may have so many questions about how to legally set up your photography business! The thought of it may sound daunting and you may be scared. I know I was back in 2009. It felt like It was something I’d never be able to do, let alone legally set up my photography business the right way!

Are you unsure of how to have your clients pay you? Unsure of how to separate your personal and business finances? Are you scared the IRS is going to come after you any second? 

Relax sister, it’ll be okay! If you complete these next few steps you will be legally set up to run your photography business. 

First, you need to apply for an EIN in your state. (In The US)

Don’t freak out, I’ll explain what an EIN is first! an EIN stands for “Employer Identification Numbers are issued for the purpose of tax administration and are not intended for participation in any other activities (e.g., tax lien auction or sales, lotteries, etc.)” – IRS

EINs are free and are needed to set up your business bank account as well as for your taxes and potentially other things like business loans, etc.. This leads us to our next step!

You can apply for your very own EIN by following this link: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Next, open a business bank Account.

If you haven’t done this yet and already have your EIN, this is the most crucial step. This will help you sepearate your personal and business finances. You will pay yourself from your business account. This also makes it very easy to track your income and finances when reporting on your taxes!

Now, you are ready to file as an LLC. 

Many business owners wonder if they should be a Sole Proprietor, an LLC, Corporation, etc. 

No matter where you are at in your business, or how much money you have brought in, it is beneficial to form your business as an LLC from the very beginning. 

When you form your business as an LLC your personal assets will be protected from unsatisfied clients, debt in your business, or a lawsuit. I know, it feels icky thinking about it, but as a business owner, you need to! 

You will file for an LLC through the state you live in if you are in the U.S. There are services that can do this for you but are very expensive, such as legalzoom, Or, your accountant could possibly do it for you. This is a service that my accountant does offer. 

Give yourself a pat on the back, you have now legally set up your photography business!

I can’t wait to teach you more about good business practices, including using contracts, paying your taxes, getting insurance, automating workflows and so much more! Head on over to our education platform to learn some pros and cons and tips that will help further your business! 

Be sure to check out our last post – How To Manage Stress & Anxiety As A Mom & Entrepreneur

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We're Ashley & Christie

We run a huge, thriving boudoir studio while creating the most comprehensive boudoir biz program for fellow photographers….all the while throwing up the middle finger to the conventional ways.

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We don’t sell band aids, we provide customized full solution boudoir coaching & mentoring to achieve the results and the business of your dreams.

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