Creating a company for your forum

[sportsmedjosh]

I did a quick search and couldn't find anything. I was wondering how many people have created companies to keep the money of their forum separate from their personal bank accounts and also help with keeping expense reports.

If you have could you please post your experience and knowledge.

[peterfoti]

I dont know what you mean by "company" but I have a DBA (Doing Business As) Certificate. I have a google Business account, and all the income from my sites gets paid to my business name from Google, which goes into my business checking account.

[sportsmedjosh]

I think that is what I mean. I wasn't quite sure. I know my buddy is a DJ and he works has his company set up as a corporation.

[briansol]

LLC'ing yourself is the best way...

i haven't done it... i cant find a competent accountant to help me out.
Dreading Tax Season: SkeyMedia

It's a pain though, getting all new bank/checking/etc to link to your new paypal, along with your new company credit card that is on that paypal, picking a name, doing the llc paper work, paying taxes every quarter, etc etc.

to me, that nonsnse is almost worth the extra 15% that i get hit with.

[Joe Ward]

LLC'ing yourself is the best way...

i haven't done it... i cant find a competent accountant to help me out.
Dreading Tax Season: SkeyMedia

It's a pain though, getting all new bank/checking/etc to link to your new paypal, along with your new company credit card that is on that paypal, picking a name, doing the llc paper work, paying taxes every quarter, etc etc.

to me, that nonsnse is almost worth the extra 15% that i get hit with.

How much is the extra 15%? If it's significant, sink that into professional services instead of the tax man, delegate everything to them to save you the hastle, and they may even be able to help you find or plan for additional tax savings, etc.

[sportsmedjosh]

Thats what I was thinking. I called around last year and the price for a CPA was more than I was going to spend paying taxes I believe. I'm just really worried that I'm going to get audited one year. However I"m not trying to deduct stuff that I shouldn't be.

[Joe Ward]

Since your revenues and expenses are quite easy to track, you may be able to get away with a bookkeeper. Depending on you choose they will likely have all the info you need to know.

Once you reach Brian's earnings, you might want to move directly to the Cayman Islands.

[briansol]

the extra 15% comes from 'self employment tax'. if you llc yourself, you can effectively cut yoru self a paycheck and kinda bypass that.

And i hear ya on the audit.

I 100% fully expect to have it happen some day.

That's why i use TaxCut software to do my taxes. it comes with free audit support.
It's also why i use paypal for everything.... hard trail that i can pull up anytime i need to.
i pay my server with it, i get paid from every ad company to my paypal that offers it, and so on.


And for the record, my earnings suck. lol

2008 is going to come in at about 60% of 2007. :(

[sportsmedjosh]

Brian do you use two seperate paypals or just one.

[briansol]

just one for now, as i'm not an llc.
if i were an llc, i would have ALL seperate accounts. checking, paypal, credit card, etc.