How Do I Transition My Side Hustle Into a Business?

I started a side-hustle a few years ago. It has been extremely successful, especially just in the past year. So much so that I need to organize it and turn it from a side-hustle/hobby and into a "true business." I'm also planning on hiring my first employee soon to help out. What tips do you have when deciding how to structure the business, pitfalls to look out for, how to think about benefits/retirement, taxes, etc.?

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