Resources for Creating a Home-based Business

by CDowns
3 replies
I'm just starting to make some gross earnings after a few months of affiliate marketing, and figured now would be a good time to develop a plan for taxes and other legal issues.

I'm currently running as a sole proprietor (using an EIN rather than my SSN), but I'm still pretty unclear on the differences between SP, LLC, C-Corp, S-Corp, etc... Also, I have next to no knowledge on how taxation is handled differently among these categories.

Can anyone recommend any good books or online resources that offer explanation of how a new business owner should approach these areas?

Thanks!

-Casey
#business #creating #homebased #resources
  • Profile picture of the author Melodican
    Hey Casey

    I came across the same patch around 6 montghs ago and I downloaded a resource called 'Business in a box Pro', it gave me all the templates and contracts etc I needed for different types of business, employees, NDA's etc etc..

    I strongly recommend it

    G
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  • Profile picture of the author Nick Sharp
    You can do a bit of research in Google like "llc corporation difference" (without the quotes, of course) to find out the differences. I am not an attorney and this is not legal advice, but an LLC is a pass-thru entity that goes on your schedule C on your 1040. So, it is not that complex. Also, many times there is not a "requirement" to keep minutes, etc. as there is with a C-Corp. However, a C-Corp does have various tax benefits like medical deductions, etc. Do some Google research and you'll find out more.
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  • Profile picture of the author TheCren
    I second the notion that you should use Google to lookup information on this topic. Not many lawyers hangout on WF, and you're going to have to speak with one about this topic. And find a good accountant to discuss taxation.
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