Thoughts on jeweler becoming an LLC

My state’s Dept. of Revenue requires a business checking account number in order to get a sales tax number. And they can freeze that account if necessary. Therefore, no revenue from other sources goes into that checking account. In order to get a business checking account, the Bank requires me to have an LLC, INC, or partnership, not a DBA.

Find out what an insurance company might require if you need additional coverage for your business, such as liability coverage at your selling venues. Theft insurance is easy to obtain, but obtaining liability insurance is different. I’m thinking about the person who trips on your carpet at a craft fair and sues you.

Having an LLC might be helpful in that situation, although, to have any hope of being protected by your LLC, you need to act like a business, with a business checking account and always using the letters LLC after your business name.

Regardless of what you decide, at the very least, you need to keep separate records for separate businesses, otherwise, there is no additional bookkeeping.