Hi. You can do either one. For me was easy to work under my name and claim it with my personal taxes. If you open as a registered business then my accountant explained that most likely I had to open a separate accounts and get separated receipts (ex. Groceries, etc) but, if you go under your name then the deductions are a percentage of your receipts.

Personally I would recommend to open under your name and make sure to comply with the regulations no more than 5 kids and only two under two including your own. Most unlicensed home daycares aren't registered as a business.