I'm starting a new hobby business in my retirement. I want to keep somewhat busy and use it pay for gear upgrades (music production-related) but it's a legitimate business that will make a bit of money. I'm looking at probably <20K revenue annually - I don't want to be too busy.
My wife and I have an existing company for engineering consulting, now on an occasional basis. I've been told that I can't really run my new business out of the existing company because the expenses are not compatible and that it probably makes most sense to treat the new business as self-employment rather than setting up another company. If in future I decide to expand, add employees, etc. then I could go the company route.
Would anyone advise setting up a new company from the get go, even a sole-proprietorship, and why?
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