Create a business or not?

keith77keith77 subscriber Posts: 1
edited May 2008 in Grab Bag
I`m currently working on a web application for a small startup company. Because my daughter works for this company I am currently working on the site without getting paid. Eventually they will start paying me for my services as the business generates revenue.
My question is, when they do start paying me, should I create a business entity and show the income against the business or just add the income to my personal tax liabiltiy?
 
Are there any advantages/disadvantages either way?

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