Even a small operation like this could benefit from a properly structured business entity. Depending upon your personal financial condition, you may want to incorporate as a "C" or "S" corp., or form a one-person LLC. There are tax and legal advantages to each that you would have to contemplate but is something that you can usually determine rather quickly. This may serve you well, especially if you forsee this "on the side" business becoming a larger operation in the future.
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1991 5.0 LX Coupe - 40,750 miles
331 cu. in. / Tremec 3550 / BFG Drag Radials
12.22 @ 114.31 mph - w/1.89 60'
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