Do I Really Need To Create a LLC Business Or Anything?

UnsungHero · 01-22-2011, 06:56 PM

I've been talking to a few friends and they've all decided to create companies,
this is mainly because theres alot of networks that seem to always need
you to enter a company name.

My question is do I really need to go through the rigmaroll of setting up a business
entity? It just seems, pointless, as most businesses are in fact just one person,
the affiliate.

Any response will be appreciated.

iAmNameLess · 01-22-2011, 08:56 PM

In most states you could just use your own name as a sole proprietor. Use your SSN as your tax ID.

KC-Coop · 01-22-2011, 10:18 PM

Setting up a company will be more then worth it in the long run. First off - it makes you take things more seriously and treat it as a business like you should.

Secondly there are lots of tax advantages and personal asset protections to be had by setting up a proper corporation.

Bill Jenkins · 01-23-2011, 01:06 PM

Always a good idea but not necessary.

It does help with getting accepted though. It makes you appear serious and networks love this. My affiliate managers have told me they do put weight on it.

I got into many networks in the beginning without an LLC though and it was quite easy. Why not get started without and then when you're ready to ramp up go ahead and bite the bullet? That's what I did and it worked fine.

Bill

UnsungHero · 01-23-2011, 02:40 PM

Alright thanks for the advice guys (:

Just wondering, what are the tax benefits?

01-22-2011, 06:56 PM	#1
UnsungHero Active Warrior Join Date: Jan 2011 Posts: 29 Thanks: 7 Thanked 2 Times in 2 Posts	Do I Really Need To Create a LLC Business Or Anything? I've been talking to a few friends and they've all decided to create companies, this is mainly because theres alot of networks that seem to always need you to enter a company name. My question is do I really need to go through the rigmaroll of setting up a business entity? It just seems, pointless, as most businesses are in fact just one person, the affiliate. Any response will be appreciated.

01-22-2011, 08:56 PM	#2
iAmNameLess Smoke Free since Apr 6th War Room Member Join Date: Dec 2010 Location: MO/IL Posts: 3,601 Blog Entries: 3 Thanks: 423 Thanked 1,090 Times in 616 Posts Social Networking	Re: Do I Really Need To Create a LLC Business Or Anything? In most states you could just use your own name as a sole proprietor. Use your SSN as your tax ID.
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01-22-2011, 10:18 PM	#3
KC-Coop Advanced Warrior War Room Member Join Date: Apr 2009 Posts: 523 Thanks: 2 Thanked 62 Times in 55 Posts Contact Info	Re: Do I Really Need To Create a LLC Business Or Anything? Setting up a company will be more then worth it in the long run. First off - it makes you take things more seriously and treat it as a business like you should. Secondly there are lots of tax advantages and personal asset protections to be had by setting up a proper corporation.
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01-23-2011, 01:06 PM	#4
Bill Jenkins Active Warrior Join Date: Jan 2011 Posts: 80 Thanks: 2 Thanked 10 Times in 10 Posts	Re: Do I Really Need To Create a LLC Business Or Anything? Always a good idea but not necessary. It does help with getting accepted though. It makes you appear serious and networks love this. My affiliate managers have told me they do put weight on it. I got into many networks in the beginning without an LLC though and it was quite easy. Why not get started without and then when you're ready to ramp up go ahead and bite the bullet? That's what I did and it worked fine. Bill

01-23-2011, 02:40 PM	#5
UnsungHero Active Warrior Join Date: Jan 2011 Posts: 29 Thanks: 7 Thanked 2 Times in 2 Posts	Re: Do I Really Need To Create a LLC Business Or Anything? Alright thanks for the advice guys (: Just wondering, what are the tax benefits?