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kap95
Joined:
28 Feb 2004
Posts:
5
Location:
Manteno, IL
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Posted: Sun Feb 29, 2004 7:17 pm
Post subject: License_Incorporate?
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May not have selected 'good' terms using the search for answers/ideas, but am curious of 'how' affiliates operate.
Residing in US(Illinois), was wondering before starting is it needed/suggested to get business licenses, IRS documentation or other needs/requirements?
Guess also wondering if there are any needs/requirements, is it best to form a Corp, LLC or ??? for tax/liability/any_other reasons?
Thanx for any insight,
Jim |
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Debs
Joined:
16 Aug 2003
Posts:
4296
Location:
NY
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Posted: Sun Feb 29, 2004 7:40 pm
Post subject:
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| Quote: | | Residing in US(Illinois), was wondering before starting is it needed/suggested to get business licenses, IRS documentation or other needs/requirements? |
I doubt many affiliates did anything extra with their first affiliate site. Once you have a network of sites, and increasing income, then you may want to consider what requirements are needed. Filing as a sole proprietorship (individual) only requires Schedule C of form 1040 for filing Federal Taxes in the US, which you can do with just your Social Security number, you don't even need a Federal ID for that.
| Quote: | | Guess also wondering if there are any needs/requirements, is it best to form a Corp, LLC or ??? for tax/liability/any_other reasons? |
You may want to considering the above if your sites are successful. Only a tax specialist or attorney can provide legal / financial advice in your situation.
Debs
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AllanGardyne
Site Admin
Joined:
02 Jul 2003
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6326
Location:
by the beach, Australia
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Posted: Mon Mar 01, 2004 12:27 am
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You could spend some money and see an accountant for advice before you start, but I think the money would be better invested in a good Internet marketing manual.
Once you're making money, there are definite financial advantages in forming a company, or perhaps even a trust, depending on the laws where you live.
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Allan Gardyne
Web sites that work. See the overwhelming proof...
http://www.AssociatePrograms.com/results |
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kap95
Joined:
28 Feb 2004
Posts:
5
Location:
Manteno, IL
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Posted: Mon Mar 01, 2004 3:36 am
Post subject:
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Thank You Gentlemen for the replies.
As I have just received my first SBI and this is what I will be doing full-time (and I am VERY optimistic  ), just looking to avoid any problems/headaches/penalties! in the near future.
Regards,
Jim |
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Phil CA
Joined:
19 Dec 2003
Posts:
1044
Location:
Canada
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Posted: Mon Mar 01, 2004 4:04 am
Post subject:
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Hi Jim,
Here is the main US Gov. business site that will give you all the info you may have interest in.
http://www.firstgov.gov/Business/Business_Gateway.shtml
Welcome to SBI. 
Follow Ken's guide exactly and you'll have lots of success. 
All the best
Phil |
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Jim@Amusive
Joined:
04 Mar 2004
Posts:
19
Location:
Shorewood, IL
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Posted: Thu Mar 04, 2004 10:23 am
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Until you're making a decent sum (I would say in the 5 figures) I wouldn't worry about forming an LLC or Corporation.
I also live in Illinois. When I first started out all I did was file a Ficticious Name request with my county (cost $5 to file, then somewhere around $70 for publishing a notice you're required to publish). You'll get a pretty certificate that declares you have an assumed name for business. You can then continue to use your SSN as your tax-id.
You can open up a business checking account, get a DBA account (which lists both your personal name and your ficticious one), or just do business with your standard, personal checking account. I kept a personal account, then switched over to a DBA account so I could deposit checks made out to my company name.
I am not an accountant, but for me I didn't need to file any other paperwork. I do have an accountant, but basically he just files a 1040 for me, and gives me an idea of what estimated taxes to pay. Just go to an accountant at the end of the tax year and he'll run you through what you have to pay, and set you up with an amount you should pay for estimated taxes. I believe I pay my accountant around $225 to file for me, which includes his consultation with me.
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kap95
Joined:
28 Feb 2004
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5
Location:
Manteno, IL
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Posted: Thu Mar 04, 2004 4:53 pm
Post subject:
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| THANX Jim for your time with the reply. A very LOCAL reply as I am only about 20 mi. from you here in Manteno. |
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