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			<title>CDC wants all baby boomers tested for hepatitis C</title>
			<link>http://seek4news.com/news/cdc-wants-all-baby-boomers-tested-for-hepatitis-c</link>
			<description><![CDATA[From 1999 and 2007, there was a 50 percent increase in the number of Americans dying from hepatitis C-related diseases, CDC said
     
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			<pubDate>Fri, 18 May 2012 14:45:01 CDT</pubDate>
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			<title>Aimee Copeland Shed No Tears on Amputations</title>
			<link>http://seek4news.com/news/aimee-copeland-shed-no-tears-on-amputations</link>
			<description><![CDATA[

  
  
  
  
  
  


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			<pubDate>Fri, 18 May 2012 14:45:01 CDT</pubDate>
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			<title>Is Your Side Business Legal?</title>
			<link>http://seek4news.com/news/is-your-side-business-legal</link>
			<description><![CDATA[


Nellie Akalp is the CEO of CorpNet.com, an online legal document filing service, where she helps entrepreneurs incorporate or form an LLC for their new businesses. Connect with Nellie on Twitter or visit her free resource center. 
From blogging to handling a one-off PR project for a former client, today’s digital economy offers new opportunities for bringing in a little extra income. But when does a casual project turn into a business, and how do you keep that business legal?
According to the IRS, an activity is considered a “business” if it has made a profit in three of the past five years. Since you’re supposed to report all income, the IRS defines gross income as income “from whatever source derived.” This means that if you’re making money doing anything — whether that’s selling ads on your blog or selling items on eBay — the tax authorities will want their cut. 
SEE ALSO: What Every Small Business Needs to Know About Liability
The hobby versus business debate really comes into play when the activity loses money. If developing a mobile app lost you money when you factor in related expenses, the IRS will let you deduct that loss from other income, such as the income from your day job. However, that’s only if the venture is considered a business. You wouldn’t be able to deduct that loss if your mobile app is considered a hobby. 
If you’re just starting out and are likely to lose money this year, your project can still count as a business if you can show that the primary goal is to make a profit. Here the IRS will apply a subjective standard to determine if you have a profit motive, by looking at things like: 

Do you keep financial records for your business?
Do you have a separate bank account for your business?
Do you have a separate name for your business, or a business structure?
Do you invest in advertising and marketing?
Are you able to devote substantial time and effort to the business?

In short, if you can demonstrate that you are involved in the activity with the expectation of making money from it, the IRS will consider it a business. And this means you’ll be able to deduct expenses directly from your income, as well as deduct overall business losses from your total income for those years that you don’t turn a profit. Beyond your tax deductions, there are other administrative aspects you need to consider for your side business. Here are the four key ones. 

1. Form an LLC or Incorporate

Forming an LLC or corporation for your side business will protect your personal assets, such as your savings and personal property, from any liabilities of the company. Each business structure has its own advantages and disadvantages depending on your specific circumstances, but the LLC protects your personal assets, with a minimum of paperwork and legal red tape. 

2. Register a Fictitious Business Name or DBA

A DBA, also known as a fictitious name, allows you to run a company under a name that is not your legal name. For example, if you’ve got a sole proprietorship/general partnership, you’ll need a DBA if you’re using a name for your business that’s different from your own name. For an LLC or Corporation, a DBA must be filed to conduct business using a name that’s different than the official Corporation or LLC name you filed. For example, my company is officially incorporated as CorpNet, Inc., so we needed to file DBAs for the variations CorpNet.com and CorpNet. These are typically filed at the state and/or county level. 

3. Get a Federal Tax ID Number

To distinguish your business as a separate legal entity, you’ll need to obtain a Federal Tax Identification Number, also referred to as an Employer Identification Number (EIN). The tax ID number is issued by the IRS and is similar to your personal social security number. It basically allows the IRS to track your company’s transactions. If you’re a sole proprietor, you’re not required to get a Tax ID number, but it’s still good practice as you won’t have to provide your personal social security number for business matters.

4. Obtain the Necessary Business Permits and Licenses

Depending on your business type and physical location, you may be required to have one or more business licenses and/or permits from the state, local, or even federal level. These licenses can include: A general business operation license, zoning and land use permits, sales tax license, health department permits, and occupational or professional licenses. 
You may think of your activity as a side project, but if you’re making money from it, it’s time to take your legal obligations seriously. Getting your legal ducks in a row right from the start will help you avoid any pitfalls down the road and ensure you can take whatever deductions are available to you. And who knows, it just may help you scale more successfully if your business morphs from side project to full-time career.  
Image courtesy of iStockphoto, ariwasabi
More About: business plans, contributor, features, small business tipsFor more Business coverage:Follow Mashable Business on TwitterBecome a Fan on FacebookSubscribe to the Business channelDownload our free apps for Android, Mac, iPhone and iPad


          
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			<pubDate>Fri, 18 May 2012 14:44:57 CDT</pubDate>
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			<title>Sources: Oden had same procedure Kobe had</title>
			<link>http://seek4news.com/news/sources-oden-had-same-procedure-kobe-had</link>
			<description><![CDATA[In an effort to revive his NBA career, Greg Oden recently underwent the controversial knee procedure that superstars Kobe Bryant and Alex Rodriguez say took years off their bodies, according to sources.]]></description>
			<pubDate>Fri, 18 May 2012 14:40:01 CDT</pubDate>
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			<title>Mitsubishi builds i-Miev Evo electric car for Pikes Peak</title>
			<link>http://seek4news.com/news/mitsubishi-builds-imiev-evo-electric-car-for-pikes-peak</link>
			<description><![CDATA[At the Pikes Peak International Hill Climb in July, Mitsubishi will enter an Evolution version of its i-Miev electric car, alongside a production i-Miev, in the new Electric division.
[Read more]]]></description>
			<pubDate>Fri, 18 May 2012 14:39:57 CDT</pubDate>
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			<title>Geeking Out on Materials: Shapeways Announces Elasto Plastic</title>
			<link>http://seek4news.com/news/geeking-out-on-materials-shapeways-announces-elasto-plastic</link>
			<description><![CDATA[Wired Design has run a raft of stories on how 3-D printers are getting better, but it&#039;s not just the hardware that needs to improve -- it&#039;s also the raw material  that you feed into your printer to make stuff.  The printers have been limited to using spools of plastic wire. Until now.

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			<pubDate>Fri, 18 May 2012 14:39:57 CDT</pubDate>
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			<title>French troops out of Afghanistan in 2012</title>
			<link>http://seek4news.com/news/french-troops-out-of-afghanistan-in-2012</link>
			<description><![CDATA[New French president pledges to &quot;support Afghanistan in a different way&quot; during Oval Office meeting with Obama
     
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			<pubDate>Fri, 18 May 2012 14:39:57 CDT</pubDate>
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			<title>DealBook: Live Updates on the Facebook I.P.O.</title>
			<link>http://seek4news.com/news/dealbook-live-updates-on-the-facebook-ipo</link>
			<description><![CDATA[DealBook’s live blog will be tracking all of the reactions to the third-largest initial public offering in United States history.

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			<pubDate>Fri, 18 May 2012 14:35:01 CDT</pubDate>
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			<title>Obama Meets With Hollande Ahead of G-8 Meeting</title>
			<link>http://seek4news.com/news/obama-meets-with-hollande-ahead-of-g8-meeting</link>
			<description><![CDATA[The leaders said they discussed Europe’s economy, Afghanistan, Iran and Syria during a meeting at the White House.

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			<pubDate>Fri, 18 May 2012 14:35:01 CDT</pubDate>
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			<title>Does Zimmerman&#039;s Self Defense Claim Depend on Who Started the Fight?</title>
			<link>http://seek4news.com/news/does-zimmermans-self-defense-claim-depend-on-who-started-the-fight</link>
			<description><![CDATA[Hundreds of pages of documents released yesterday in the Trayvon Martin case shed new light on a number of important aspects of the investigation . Maybe most importantly, it seems clear that George Zimmerman took a beating. Probably a pretty bad one. Bloody lacerations on his head, grass stains on...

  
  
  
  
  
  


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			<pubDate>Fri, 18 May 2012 14:35:01 CDT</pubDate>
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