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  1. #1
    Newbie
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    March 6th, 2012
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    year end stuff
    Hello Everyone,

    I'm an affiliate based in NY and been claiming myself as self-employed on tax returns over the years. I'm wondering if it makes sense to keep claiming as self-employed or create a LLC or INC to do business under. Obviously doing taxes at year end has been easy because I just give all my paper to my accountant. What are the benefits of creating a company or should I just keep doing business as usual?

    Thanks for all your input...

  2. #2
    notary sojac Herb ԿԬ's Avatar
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    January 18th, 2005
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    Central/Western NY State
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    7,741
    Cool
    I'd ask the accountant. he/she should have run into this before.

  3. #3
    Moderator
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    April 6th, 2006
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    2,689
    Creating a company has its benefits, but it will also add complexity to the process - it will probably cost you more money, as your accountant will have to prepare two sets of returns (they need to prepare financial statements for the company as well).

    I registered a corporation a few years ago as I was doing contract & outside web design work, and while I don't regret that decision, it has made life more complicated.

  4. #4
    ...and a Pirate's heart. Convergence's Avatar
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    June 24th, 2005
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    Biggest reason is to protect your personal assets and YOU. If, for any reason, your company is sued or becomes insolvent, a properly filed LLC or Incorporation can protect you.

    Lawyer and accountant are good starting points to have this discussion...
    Salty kisses, Sandy toes, and a Pirate's heart...

  5. #5
    Moderator
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    a properly filed LLC or Incorporation can protect you
    That was my reason for incorporating - I was given confidential access to financial systems & websites, and needed to protect myself in case something went wrong.

    Had it just been a case of managing my own websites, I wouldn't have registered a corporation.

  6. #6
    ...and a Pirate's heart. Convergence's Avatar
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    June 24th, 2005
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    Quote Originally Posted by teezone View Post
    Had it just been a case of managing my own websites, I wouldn't have registered a corporation.
    Works the other way around as well - if, for whatever reason, you are personally sued, your business assets can be protected.

    It's a very litigious society, here in the USA...
    Salty kisses, Sandy toes, and a Pirate's heart...

  7. #7
    Newbie
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    March 6th, 2012
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    Thanks for all your input. I guess it all depends on what type of affiliate/business you're in. While I want to protect myself from all the legal issues, I just don't want to complicate my life. I'll talk to an accountant before the year is over.

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