Have a startup, now just looking for funding. Should i register as a business and open separate checking account before going to receive funding?

Ive got a basic plan and will ask for around $5000 in funding from my parents. Will I have to pay taxes on the initial $5,000? Also ahould i be registered or can i just do busjness as sole propitier? It will be an online business with some wholsale to stores.

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