Never  Limit  Yourself  To One  Source  Of  Income

SIDE HUSTLE GLOSSARY

Know The Meaning

20 COMMON SIDE HUSTLE DEFINITIONS

These definitions will be very helpful when you are in the process of legalizing your Side Hustle


BUSINESS

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause.   

BUSINESS BANKING

Business banking is a company's financial dealings with an institution that provides business loans, credit, savings accounts, and checking accounts, specifically designed for companies rather than for individuals. Business banking occurs when a bank, or division of a bank, only deals with businesses.  

BUSINESS CERTIFICATE

Certificate of Authority is a document that provides states—other than the one in which your business is registered—all of a business's important information, including official name, owners' names, and legal status (limited liability company, corporation, limited partnership, etc.).  

BUSINESS ENTITY

business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service.  

BUSINESS INSURANCE

Business insurance refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals. Businesses seek insurance to cover potential damage to property, to protect from lawsuit, or contract disputes.  

BUSINESS LICENSE

Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction. It is the authorization to start a business issued by the local government.   

BUSINESS MODEL

A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.

BUSINESS PLAN

A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. 

BUSINESS OPERATING AGREEMENT

An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.  

BUSINESS TRADE NAME

A trade name, trading name, or business name is a pseudonym used by companies that don't want to operate under their registered legal name. The term for this type of alternative name is a "fictitious" business name. Registering the fictitious name with a relevant government body is often required. 

DBA

Doing Business As or DBA is the operating name of a company, as opposed to the legal name of the company. Some states require DBA or fictitious business name filings to be made for the protection of consumers conducting business with the entity.  

ECOMMERCE

Electronic commerce or e-commerce (sometimes written as eCommerce) is a business model that lets firms and individuals buy and sell things over the internet. E-commerce operates in all four of the following major market segments: Business to business. Business to consumer.  

EIN

The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.  

ELECTRONIC BUSINESS

Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet. Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business.  

FEDERAL INCOME TAX

The federal income tax is the tax levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. Federal income taxes are applied to all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.  

HUSTLE IN BUSINESS

To Hustle in Business is to proceed or work rapidly or energetically: to hustle about putting a house in order. to push or force one's way; jostle or shove. to be aggressive, especially in business or other financial dealings. Slang. to earn one's living by illicit or unethical means.  

REGISTERED AGENT

In United States business law, a registered agent is a business or individual designated to receive service of process when a business entity is a party in a legal action such as a lawsuit or summons.  

SELLER'S PERMIT

seller's permit gives a business the authorization to sell products and services within the jurisdiction granting the license. Many states require seller's permits, as do some local authorities, including counties and cities. You may also see a seller's permit called a "sales tax permit" or "sales tax license."  

SIDE HUSTLE

side hustle is any type of employment undertaken in addition to one's full-time job. A side hustle is generally freelance or piecework in nature, providing a supplemental income. Side hustles are often things a person is passionate about, rather day a typical day job worked in order to make ends meet.  

STATE INCOME TAX

State income tax is a direct tax levied by a state on your income. Income is what you earned in or from the state. In your state of residence it may mean all your income everywhere. Like federal tax, state income tax is self-assessed, which means taxpayers file required state tax returns.  

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