Gambling as a business

[jamazon]

Hi,

A friend of mine recently recommended I open up a business (poker related) so whatever money I earn will be consider this business's revenues. The advantage of doing such thing is that it allows me to buy cars, houses, and vacations under the company's name and will be considered as expense. In addition, I can hire workers (such as personal assistant, chef, maid) to help me run this business.

I am new to this idea so I do not know how legit it is. In addition, can anyone point me to available sources so I can learn more about this idea. I tried searching google but all I could find was "DirectIncorporation."

Thanks.

[The4Aces]

self employment tax 15%

[Sniper]

First, using an Entity gives you alot of flexibility, it does not give you carte blanche, there are still rules that you must follow. Additionally. there are both Benefits & Costs/Responsibilities that come along with running a corporation.

Specific to a gambling business, there are likely legal issues as well that should be reviewed with a lawyer.

On Corp's in general, you would probably benefit from reading a book like... Inc Yourself

[jamazon]

Thanks for the recommendation. Below is additional books recommended on Amazon. What do you (or anyone) think of them?

How To Incorporate in Any State: Everything You Need To Form a Corporation by W. Dean Brown

S-Corporations by Robert Cooke

Form Your Own Corporation and Launch a Business in Any State and the Small Business Legal Kit, both by J.W. Dicks and Inc. and Grow Rich by C.W.Allen

Thanks!