You sure about this? Ohhkay...
You may not be interested in leaving your day job, but you have opened a lab.
A "fictitious name registration" also called a Doing Business As (d/b/a) form at your local courthouse would be helpful so you can at least make some paperwork distinction between your personal business and the lab's business. Make up whatever you want to call it. This will be your labs name, choose wisely. All checks and business mail and materials should be written/shipped/made out to this name.
After doing the D/B/A you'll need it with you to show to everyone for the rest.
You can use your social security number, but don't, please, get a EIN from the IRS. An EIN identifies a business like a ssn does a human. You're going to be giving this number out a lot.
You'll need a business license which usually involves:
A guess of your gross income.
Residential? zoning waiver/variance/permission
Renting? landlord permission
Every distinct business element (2 docs in an office, but have different 'books' are 2 elements, not one office) that pays you more than $600 in a calendar year, unless you are incorporated, they need to file a "informational" 1099
(state tax ppl may have other ideas, that's IRS's wants)
You will need to file form C (or form c-ez) with your personal taxes and pay 15.3% "self employment tax" with your 1040 on adjusted gross business income. This is to pay both halves of SS and Medicare, your day job boss pays the same thing you do into your 'account' on your every paycheck. Remember that when you want a raise
You will likely need to provide a list of equipment you use to make this money to the city/state so that they can tax the "Business personal property"
You will not need, but unless you want a chunk missing from your bending distal, you should keep a detail accurate record of all business transactions. Purchases, Income, mileage(You can claim this as a deduction!)
I'd heartily recommend opening a separate checking account for business funds, and getting someone else to handle your books, unless you are insanely persnickety and totally, perfectly, proper about keeping your checkbook.
Insurance is not legally required in some places, but you'd be in a world of hurt (and a doofus) without it. And possibly living in a box if someone filed paper as there would be nothing between you personally, your car, house, etc. Your defenses to even an idiot-obvious not-your-fault situation would be something you'd have to do on your own. UPS guy slips on the ice bringing you a package...goodbye retirement package.
I can provide you with an excel spreadsheet (pm me) with which to keep your books, if you like,that works good enough that my banker called me anal... Most normal people need someone to go over this at least quarterly for tax adjustments, cash flow management, and sanity checking.
I'd suggest asking these questions of a bookkeeper, and an accountant, and a lawyer. Tax prep places can sometimes provide some minimal guidance, but most are not trained in business stuff and you are responsible to find the correct information.
Getting the wrong information, unless in writing from the IRS is not a defense to mishandled events.
Are you still REALLY Sure you wanna do this???
