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 Post subject: Magic as a Business
PostPosted: Sun Feb 26, 2012 9:32 pm 
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Joined: 23 Nov 2006
Posts: 438
Location: Northern VA
A few years ago, I started performing some small magic shows for kids. But as my business started growing recently, I have a few questions pertaining to the legal side of the business side of magic (sounds specific). If I were to continue doing what I do (just a self-employed magician), would I have to register myself as a business? I know that if I make a lot of money, the IRS will get suspicious. So to all the full-time, self-employed magicians, what have you all done about the legalities of your business?
Thanks, Drew

P.S. I don't know if it would matter for your answer, but I live in Virginia and perform in Virginia, Maryland, and Washington D.C.


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 Post subject: Re: Magic as a Business
PostPosted: Mon Feb 27, 2012 8:01 am 
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Joined: 24 Jan 2003
Posts: 4110
Location: Milford OH
Yes your location does matter due to stae laws. Here in OH they changed the state banking regulations so that you can not have a business checking account unless you are registered with the state under an "assumed name certificate." Another way the state gets it's $50 for the dam certificate.


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 Post subject: Re: Magic as a Business
PostPosted: Mon Feb 27, 2012 1:17 pm 
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Joined: 10 Sep 2004
Posts: 8861
Location: Las Vegas
Strangely enough, in Nevada they call this a "Fictitious Business Name" even though there's nothing fake about it. It's also known as DBA (Doing Business As...) This is the paper you will need to get the bank to set up a business checking account for you and let people write checks to the business and not you personally.

If you want to run your shows as a business and keep the billing (and taxes)separate from your personal finances, it's a good idea to go ahead and set up a business bank account. You may also need a business license for each city you work in. Here in Las Vegas, you will work both Las Vegas and the neighboring Henderson. Each has it's own license requirements.


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