1. Most taxpayers who set up a new business come up with a new name and file with the IRS to get an EIN. This will give you some legal protection and is most recommended for new businesses. Click here to get started: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-n...
2. Business code 541510 is correct
3. Cash accounting is the easiest and most popular choice. I recommend cash accounting
4. Yes, you play an active role in the business.
Good luck!
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