The legalities of having any kind of business can be pretty complicated. There’s the issue of forming some type of business structure as well as all the accompanying forms, fees, and applications. There are a lot of resources available so don’t rush to hire an attorney quite yet. For Idaho go to the Small Business Solutions page, also check out Business Entities. Then there’s eHow for some business license info.
This type can have tax benefits as you get to file self employed taxes. You can also get funding, also known as equity. You can also raise money through stakeholders. The liability of your business is separated from your personal assets.
This is a good choice for something simple like an advertisement model. It is pretty simple in that you don’t need to deal with any cooperation. You don’t have to worry too much about liabilities. You have full control, because basically you are the company.
An online blogging community or subscription model fits well with this type. You have limited liability. Debt or getting sued only affect the company, they can’t take your personal assets. You have pass through taxes- just individual taxes, no double taxes.
Passing on the profit to owners is the case with a corporation. Your business gets taxed, and then you get taxed as an individual taxes. There are benefits for larger organizations.
To figure out what forms you need, check out the Business Wizard. If you are selling product you need at least a registered business name (DBA) and a sales tax permit.