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Starting a company?

by ahzhen
10 replies
hi guys, this is my first time posting here eventhough i have been actively reading posts.

I was just wondering, since most marketers have their own company, how do u actually start one? is there any legal procedures or fees to start running a company? I have been doing some small blogs and i basically have a small crew of outsourcers, and i decided that i should start a company because i want to make my own products.

I would really appreciate it if any experienced merketers can help me on this with some advices or maybe share some valuable experience.

Thanks
Ryan.
#company #starting
  • Profile picture of the author MariusPrice
    Originally Posted by ahzhen View Post

    hi guys, this is my first time posting here eventhough i have been actively reading posts.

    I was just wondering, since most marketers have their own company, how do u actually start one? is there any legal procedures or fees to start running a company? I have been doing some small blogs and i basically have a small crew of outsourcers, and i decided that i should start a company because i want to make my own products.

    I would really appreciate it if any experienced merketers can help me on this with some advices or maybe share some valuable experience.

    Thanks
    Ryan.
    Why you want a company, you can create products without a company.
    Do your really make millions? Then start a company and this is differently from country to country.
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  • Profile picture of the author erskinem
    ahzhen,

    As Marius said, you don't need a company to make your own products, but if you are hiring outside employees and making more than pocket change, it might be a smart strategy to limit tax exposure and liability.

    Starting a company (legally) is really easy. I can't speak for anywhere other than the US, but depending on what state you are in, its typically a form and a fee.

    While setting up a company is pretty easy, you really want to talk to a lawyer and an accountant about your particular needs.

    It sounds like you're really green on the subject. I highly recommend you take a look into some of the books by Nolo Press or Startup Nation to give you some of the basics.
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  • Profile picture of the author thesuccesscoach
    hum think about things like personal liability and debt

    if you´re a sole trader you can be liable for everything in Ireland anyways, if you are a company and run up debt it can be easier to walk away from it if its a company (not recommending that but just saying)

    bottom line get advice within your country
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    A life and business coach
    Ready to help you make it happen, just ask!

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  • Profile picture of the author Vlad Romanov
    You can usually find panphlets on companies in local banks... It depends from country to country like others said, but you will obviously need to fill documents
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    Website: http://vladromanov.com

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  • Profile picture of the author travlinguy
    This borders on a legal question so be careful with the answers.

    Personally, I wouldn't worry too much about having a formal company without first having a bit of success in marketing something. There are people here who will tell you that you need to file for a business license and other formal stuff. You'd probably do this in the city where you reside.

    Technically, that's likely to be the correct answer. You're going to have to decide for yourself.
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    • Profile picture of the author ahzhen
      Originally Posted by erskinem View Post

      ahzhen,

      As Marius said, you don't need a company to make your own products, but if you are hiring outside employees and making more than pocket change, it might be a smart strategy to limit tax exposure and liability.

      Starting a company (legally) is really easy. I can't speak for anywhere other than the US, but depending on what state you are in, its typically a form and a fee.

      While setting up a company is pretty easy, you really want to talk to a lawyer and an accountant about your particular needs.

      It sounds like you're really green on the subject. I highly recommend you take a look into some of the books by Nolo Press or Startup Nation to give you some of the basics.
      well it is true that i dont need a company to create products..but i've been thinking that having a company will make someone seem to have more credibility.and it looks more organized..even when promoting higher products and joining cpa networks, the only solution was to call them to gain more trust since i couldnt fill in the company section...

      Originally Posted by travlinguy View Post

      This borders on a legal question so be careful with the answers.

      Personally, I wouldn't worry too much about having a formal company without first having a bit of success in marketing something. There are people here who will tell you that you need to file for a business license and other formal stuff. You'd probably do this in the city where you reside.

      Technically, that's likely to be the correct answer. You're going to have to decide for yourself.
      I just checked and asked a few buddies and i got all the procedures to run a formal company in my country but it seems like i will have to do a lot of work for that to be done. Apart from registration, i need to get some legal advice and some complicated procedures done.

      By the way, i have heard of informal companies. Is there any restrictions or issues with having an informal company?

      Thanks for the replies guys, keep em coming
      Ryan.
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    • Profile picture of the author Centurian
      It depends on your situation.

      A "company" organization and entity can enable you to secure more accounts and improved business and legal standing for credit, merchant accounts, banking, tax savings, and access to markets.

      Further, this can provide protection from potential liability issues, personal credit limitations, and greater financial opportunity.

      Not only this, but you shortchange your future business potential by only operating and commingling your business with personal assets and banking.

      Many marketers around the world and the U.S. are limited or banned from using so-called "ease of access" tools like PayPal.

      For example, practically the entire continent of Africa is banned from proper PayPal access, except South Africa. So a WF copywriter in Africa can't even get money out of his PayPal account.

      A WF member in South America gets his PayPal account shut down every time he tries to market a product or service. Another WF member in Canada must keep a rolling 33% reserve in his account. Another WF member in Malaysia just had all his money taken by PayPal.

      These are just a few examples of the practical challenges just selling "products" can produce for fellow warriors around the globe. While the U.S. is by far the best open market, you can leverage more opportunity by upgrading from a personal to a business standing.

      You can create and run a profitable LLC for less than $500 a year. You obviously make money by selling things, not having a "company."

      But there are significant advantages in doing so. By structuring a proper business entity not only can free enterprise and open markets be enabled, you can gain full access to financial tools and tax advantages to grow your business now and the future.
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      • Profile picture of the author ahzhen
        Originally Posted by Centurian View Post

        It depends on your situation.

        A "company" organization and entity can enable you to secure more accounts and improved business and legal standing for credit, merchant accounts, banking, tax savings, and access to markets.

        Further, this can provide protection from potential liability issues, personal credit limitations, and greater financial opportunity.

        Not only this, but you shortchange your future business potential by only operating and commingling your business with personal assets and banking.

        Many marketers around the world and the U.S. are limited or banned from using so-called "ease of access" tools like PayPal.

        For example, practically the entire continent of Africa is banned from proper PayPal access, except South Africa. So a WF copywriter in Africa can't even get money out of his PayPal account.

        A WF member in South America gets his PayPal account shut down every time he tries to market a product or service. Another WF member in Canada must keep a rolling 33% reserve in his account. Another WF member in Malaysia just had all his money taken by PayPal.

        These are just a few examples of the practical challenges just selling "products" can produce for fellow warriors around the globe. While the U.S. is by far the best open market, you can leverage more opportunity by upgrading from a personal to a business standing.

        You can create and run a profitable LLC for less than $500 a year. You obviously make money by selling things, not having a "company."

        But there are significant advantages in doing so. By structuring a proper business entity not only can free enterprise and open markets be enabled, you can gain full access to financial tools and tax advantages to grow your business now and the future.
        yes..the paypal issue has been significantly addressed across the internet. There seems to be something about their policies that causes them to act such way. Anyway, having a company sure doesnt make me any money, but as you said there are significant advantages which will help one expand their business to greater horizons.

        Thanks
        Ryan.
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  • Profile picture of the author 3000
    Me personally I wouldn't worry about getting business license because I just deal mostly with Adsense and CPA offers. I would start looking into licenses if I started a service and it started to get really big.

    That's when then I need a licenses to cover my back. That's just me though.
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  • Profile picture of the author KGee
    The main reasons I created a company was for tax and liability shielding. In the US, I am not sure about anywhere else, you can write off a lot of things when you have a company and that is where the tax shield comes in. Also, if your company is ever sued you can shield your personal assets from any penalties in the lawsuit if you have handled your business correctly. What I mean by this is, you should never use your business accounts like they are your personal accounts (i.e. writing checks to pay for personal groceries).

    I created my first company through The Tax Club. My second one through LegalZoom, which was much cheaper than the TaxClub. I don't think either of these do business outside the US, but maybe there is an online company in your country that helps people do this.

    Thanks,
    Gerald
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