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  1. #1
    Member
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    January 18th, 2005
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    What kind of business stucture have some of you set-up for your online business?

    Sole proprietorship or what?

    Why and what are the benefits of what you chose?

    Hoping to get something setup for myself.

    Thanks.

    "Idea + Action = Success!"

  2. #2
    Just 'N' Affiliate Naffiliate's Avatar
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    January 18th, 2005
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    Try setting up an LLC...

    "Half this game is ninety percent mental."
    - Yogi Berra

  3. #3
    ABW Ambassador
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    I'm personally leaning toward a multinational corporation with headquarters in Nigeria.

    I have sent some Email asking about investors.
    <----duck

  4. #4
    ABW Ambassador
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    If you're doing it by yourself like me:
    Sole proprietorship

    I work in lounge pants

  5. #5
    ABW Veteran jc101's Avatar
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    Sole proprietorship, I agree same here

    I'm unemployed and love it!, Thanks Affiliate marketing for giving me that freedom!

  6. #6
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    do not be a sole proprietorship. LLC is the best because it is easiest to implement and least restrictive.

  7. #7
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    LLC, your personal home, car, possessions, bank accounts are safe from anyone wanting to sue.

    It is here in the UK, I assume it is the same in the US.

  8. #8
    ABW Ambassador Jane's Avatar
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    Yes that is true, but isn't also true that you have to have another persons name on the papers? Can I make my dog a partner?

  9. #9
    ABW Veteran Student Heyder's Avatar
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    If your dog is over 18 and can sign his name I think he can be a partner.

  10. #10
    ABW Ambassador
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    In all states except a few, you only need 1 person to form an LLC.

  11. #11
    ABW Ambassador
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    If you're in Calfornia talk to an accountant before doing a LLC. California treats LLC's differently than other states do.

  12. #12
    Outsourced Program Manager Jorge - SHOPiMAR's Avatar
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    According to my accountant the easiest and safest is to form an "S" Corporation.

    You can combine both your personal income and business income which ever one earns less you pay less tax on.

    I've done it before with no problems, just like a regular Corp but less taxes.

    Still can't be sued, you can have partner or no partners, etc.

    Ask your accountant or read here:

    http://amerilawyer.com/ca_profit_corporationinfo.htm

    Sub-Chapter S

    If you are a Citizen or Permanent Resident of the United States, this is the most tax advantageous type of Corporation you can have. A regular Corporation is subject to Federal Corporate Income Taxes. Therefore, profits are taxed first on the corporate level and then again at the individual level of the shareholders to whom the profits are distributed. This double taxation could result in a combined tax rate of 70% or higher. A Sub-Chapter S Corporation does not pay any Federal Corporate Income Tax, so that the earnings of the Corporation flow directly to the owners. The Sub-Chapter S Corporation costs only an additional $75. and comes with all the necessary documents, including Corporate Resolutions and Special Stock Certificates

  13. #13
    Newbie
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    January 18th, 2005
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    My accountant advised me to set up an S-Corp as well. I'm new to the affiliate game but I've been using the company for my consulting work for the past 6 years. I'm a one person corp and I get my contracts from middlemen recruiters & agencies. No complaints.

    I would suggest that you get an accountant to do your bookkeeping, 1/4ly taxes, payroll coupons, etc. It all makes sense eventually but the learning curve time would be better spent working on your business.

    Good luck.


    ant

  14. #14
    Just 'N' Affiliate Naffiliate's Avatar
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    The safest is the LLC.
    I agree wit Witness/70's Martin, it's easy to implement and not very restrictive-- and your personal posessions are left alone.

    You should not only speak with an accountant, but also an attorney.. That's who will probably file your corporation for you anyway..

  15. #15
    Full Member
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    I agree with the LLC approach. It's the newest form of organizing a company, and the big appeal is its simplicity -- easy to set up, easy to run. I really don't think you need an accountant and attorney for advice in most states. Buy one of the do-it-yourself books on forming an LLC and just follow the directions. I've spent years in dealing with contracts and contract law, and an LLC is very basic.

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