You're never too small for a CPA. You just haven't found the right small business CPA yet. Keep looking until you find one you can trust.
You still have to maintain separate books for each business. Even if you did 100% nail content creation, they are still two separate businesses. I know LLC fees in some states are expensive. You may decide you don't need an LLC.
Forming a business entity like an LLC or corporation is almost never a bad idea, but it isn't always an absolute necessity for a solo business owner. To decide whether you need an LLC, consider:
- Whether you plan to have partners, employees, or outside investors.
- Whether you have significant contracts or creditors that might lead to financial problems or lawsuits. For example, an unpaid creditor or court judgment could easily cause personal financial trouble if you own commercial real estate, but that's much less likely for most consultants and Etsy sellers.
- Whether you want to have the additional expenses and obligations of forming and running an LLC. There's a fee to form an LLC, and in most states, you must file annual reports and pay an annual fee. You will also need a separate LLC bank account.
- If you're trying to limit your business liability, make sure you have adequate business insurance. If you have business partners, employees, or significant risks, an LLC can provide another important layer of protection.
