A friend and I run a small hobby business that designs and creates monster bags. Our designs range from small dice bags up to large shoulder bags.

For clarification about our accounting needs, we are not a corporation and work in very small numbers compared to most here using this site. We originally were registered as a business in Denmark but realized that we do not meet the yearly requirement for VAT purposes and terminated the registration until those requirements are met.

We have sought professional accounting help locally and were instructed to continue on our own until we meet the country requirements to register again. By Danish standards, we are a 'hobby' only and can continue as such without the same requirements as larger businesses and corporations.