Starting an online business, wondering if I have to register as an LLC or something?
A friend and I are starting an online business where we are going to be writing resumes for people and stuff- Do we have to register with someone as a business or file separate papers with the IRS? We were just thinking we could have the website and everything and just claim the extra income on our personal tax returns. Also, Do we have to become an LLC or something? I just want to make sure we trademark our ideas and don’t break the law. But we don’t have a lot of money to register(meaning $40-$50 is probably the max). Can anyone help, possibly a tax attorney?
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that’s a good idea that you have.
It depends on the state. Check with your Secretary of State’s Department. Registering is mainly for tax purposes and many online business don’t need them but laws are changing so its best to check.
I incorporated my podcast as an LLC, in retrospect it was kind of uncessesary. The biggest benefit to an LLC as opposed to a good old propretorship is liability protection. If your LLC gets sued, the plaintiff can’t go after your personal assets, i.e. your house. That is not the case with non-corporate entites. If you’re not concrned about that, you can certainly just claim everything for the business (including losses, which you can write off) on your personal tax return.
FYI, I incorporated through Legalzoom, the cheapest way to go, and it was still ~$600