We are a team of over 20 content writers who hails from different parts of the world. We have recently started working as a team and are doing quite well. We are expecting to make full time earnings working online by the end of next financial year As of now, we don't have an official team and are working on mutual understanding but as this association of us is expected to fetch substantial earnings in near future, we will have to look up into the legal aspect(s) of our association as well. We would like to know how can we work this out? For example if we end up making a collective income in the multiple of 100 k by the end of next financial year, how exactly can we audit for the same. Our team is literally international - our writers comes from almost all continents. So we are not sure how can we plan a common tax audit for them - do we need to produce our audit records as a team or as individuals? We will appreciate if we can get an expert opinion here.
Any business structure with multiple owners has a lot of implications: legal, accounting and tax. Yours is further complicated by having owners/workers spread around the world in different countries with different laws and treaties. You certainly won't get and good answers to your questions on a forum. You need to find professionals who can give you advice based on your specific facts.
Based on the earlier post about several businesses working together I wanted to know or discuss the follow potential solution. Could you establish a business association allowing say 20 businesses, all basically performing the same type of work, to join a Business Association to leverage marketing dollars, purchases, training, and other redundant services so they can pool their finances? The association would charge a fee to provide services to assist the group to benefit from the combined services and power of association. This being said, is such an association possible, legally? What are the complications in establishing such an association? Can you direct me to any reference material to assist in putting an association together? Thanks for your consideration.