Any money you make will be reported on the 1099 as they don't know your cost in the item sold. If you report it as a business you report total income and then report total cost (this will take into account the loss). If you do it as a hobby then you pay tax on the $100
You can name the business if you want but there is no need to you can just use your name as the business name. As far as registering it as a business you would need to check the State regulations and requirements
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