What if my business is more of a consulting-type structure? My income will be extremely variable, and I am not selling goods or services; therefore there are't really any 'assets' to protect. If I simply want to ensure I pay my own taxes correctly alongside my husbands W-2 earnings, is it really necessary to generate a separate business ID to work as a consultant?
Are there penalties if I don't incorporate in any way? I live in MD.
