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  1. #1
    ABW Ambassador Doug247's Avatar
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    I want to get a business Lic. and I am sure some of the ABW Vets have them. I was thinking of an LLC. to protect all my personal assets. Can I have some feed back as to what you do or would suggest. I don't want to get burned by Uncle Sam Nor do I want some moron have the ability to take me to court because of something they may have purchased through my site(s).


    Thanks,
    Doug

    Bye!

  2. #2
    ABW Ambassador
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    Talk to an accountant about it. They will let you know what makes sense for the amount of revenue you produce and what you want to do with it.

    S corps are the easiest to manage and the least amount of paperwork. An LLC and C is more complex but lets you write off things easier. For instance, LLC's and C's allow you to write off more of your health insurance and you can do about $5800 / year in tuition reimbursement to yourself. There are also 'less questions' about write-offs with a C or LLC.

    If you are grossing under 100k, an S might be the way to go but if you need to be more flexible with your deductions and can afford the accountant than an LLC or C is better.

    I don't know much about LLC's - they weren't around when I started my companies.

    Hope this helps a little.
    Now go talk to an accountant to get the real scoop instead of my opinion!

  3. #3
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    Hey Doug,

    Either way you will be better off than not forming either a c corperation or an LLC. My accountants steared me in the way of an LLC which I set up in the fall. They said once I started hitting over say 300 grand a year then a c corp would be the way to go.

    I hired a lawyer locally to make sure it was done right and spent about $1000 and got it set up.

    Good luck .... nice to hear your thinking about this... I guess it would mean your doing well ;-) Job well done!

    Cheers,

    Brian Johnson
    Seek and you shall find
    myrxforless.com | My Affiliate Programs

  4. #4
    ABW Ambassador Doug247's Avatar
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    To be honest I am really new to AM but I have goals. hehehe like not hitting the alarm clock in in morning if you get my drift.

    Bye!

  5. #5
    Full Member
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    Hey Doug ...

    You mean like when it starts beeping at 5am in the morning? That is when I used to get out of bed for work ...

    Now I get started about 6:45 and start working around 8:30 .... I work about half as hard but twice as *smart* and make about 7 to 8 times what I used to make ;-)

    Ain't life grand .... Keep pushing Doug ... I did and it paid off.

    Cheers,

    Brian Johnson
    Seek and you shall find
    myrxforless.com | My Affiliate Programs

  6. #6
    ABW Ambassador
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Now I get started about 6:45 and start working around 8:30 .... <HR></BLOCKQUOTE>

    What's the point of working from home if you still get up at 6:45

    We better not let Leader read that

    Javi

    -------------
    <font size="1">The price of Open Source is your sanity</font>

  7. #7
    Moderator MichaelColey's Avatar
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Javi:
    What's the point of working from home if you still get up at 6:45<HR></BLOCKQUOTE>Sometimes I work at 6:45am. Sometimes I work at 8:30am. Sometimes I work at 2pm. Sometimes I work at 3am. Plus, I get to wear whatever I want to work.

    Other times, I go out in the middle of the day when everyone else is W-O-R-K-I-N-G and play.

    Michael Coley
    Amazing-Bargains.com

  8. #8
    ABW Ambassador
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    I like to go have lunch once in a while with some of my corporate buds. I of course show up in a t-shirt and sometimes unkept hair and unshaved....
    they just (cough)love that(/cough)

  9. #9
    ABW Ambassador
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    Talk to a lawyer about an LLC, that's what we did. There are some extra fees so I don't know if it's worth it to you or not. Illinois charges an additional 1.5% taxes.

  10. #10
    Newbie
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    January 18th, 2005
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    Talk to a lawyer or accountant(or both). They will tell you about differences between LLC and S-corp in your state, help you file papers if you need their help, etc.

    And make sure you keep all of your receipts/any other paperwork you will need for your tax returns in the future.

    Good luck.

    Affiliate Marketing Consulting
    AIM: AffiliateRoad1

  11. #11
    Prince of Content Vinny O'Hare's Avatar
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    Good source of info on this subject i just researched it myself
    entrpeneur magazine business startups

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    aim nycfalcon1

  12. #12
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    I'm currently operating as a sole proprietor. At what point do I need to think about doing something else? At what tax bracket point (affiliate marketing + day job) does it make sense to look into another business organizational type?

    Michael

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