When you receive a form 1099-MISC with an amount in box 7 (Non-employee compensation), you are considered as self-employed and operating a business doing whatever activity you did to earn the money reported on the form 1099-MISC. You need to report that form 1099-MISC and file a Schedule C. Against the income, you can claim allowable and necessary expenses.
You do not own a business in the typical meaning of the term. As description of the business, just enter your activity (for example: electrician, driver, consultant, etc...). The address of the business is your personal address. You do not have an EIN (Employer Identification number) as you do not need one.
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