L4 into trees
Just curious how those teams with sponsorship treat the financial aspects. Let's say you get $5k a year (I WISH! I know, but hang in there). Do you have to claim that with the IRS as personal income? Do you have the team set up as a corporation or llc? Not for profit maybe? Does your sponsor just hand you a check for the whole year, or do they pay in installments? Per event? What if you have a write-off accident in the middle of a season?