6 figure income, still sole proprietorship

Discussion in 'Legal Issues' started by 3ric, Dec 31, 2009.

  1. #1
    I'm making a six figure income for this year through Adsense from multiple blogs. I'm still working as a sole proprietor. Should I form an LLC, or just stay individual sole proprietor? If I stay sole, is that alot more taxes than LLC? I just don't want to reveal info or my earrnings to an accountant, that's why I'm still sole proprietorship.
     
    3ric, Dec 31, 2009 IP
  2. mjewel

    mjewel Prominent Member

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    #2
    You would form an LLC if you want liability protection, but it does nothing in the way of tax savings. There can be some tax benefits with a S-corporation as dividends are not subject to self-employment tax - but there is more paperwork and additional expense. If you don't want to consult with a CPA, stay as a sole proprietorship - but I am not sure what you are afraid of? A six-figure income isn't going to shock or be unusual to any CPA, and they don't even need to know your domain names.
     
    mjewel, Dec 31, 2009 IP
  3. Datona

    Datona Banned

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    #3
    If you are making 6 figures, I would highly suggest going to a CGA and getting some advise. Won't cost you much. Just take your books and let him give you some valuable advice.
    Just my 2 cents
     
    Datona, Jan 1, 2010 IP
  4. browntwn

    browntwn Illustrious Member

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    #4
    Why? Do you have some reason?
     
    browntwn, Jan 1, 2010 IP