If you are a sole proprietor, you must also be aware about tax implications. You are likely to will have to pay self employment taxes.

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 Taxes for the estimated quarterly period Alongside your annual return, you will have to submit quarterly. Most likely, you will submit the Schedule C or 1040 return, but you must always.

 For ensuring compliance, consult an accountant who is your personal.

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 Artists benefit from partnerships

 It may be worth considering a collaborative artist, or an art collective with multiple owners, if you have an employee in your company.

 Art business partnership

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 There are few options to accomplish this. You can either establish a general, equal partnership or a restricted partnership.

 Partnership to share the risk.

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 While a partnership might not be technically an entity tax-exempt however, it must file an annual return. Each partner will be subject to tax on income.