I should post this in the "General Business" sub-forum but since i only work with YPN, i think it's better to post it here, to receive advice from the experienced YPN publishers here. Here are some questions: 1- what kind of corp. should i choose (current income is xxxx per month but will expand to xxxxx), some reasons if you have time. 2- did you try online document filling ? if you did, which site you used? 3- did you hire foreign people in china/india to work for you? if you do, how you file tax and how these people are taxed? Thank you for your attention.
I agree, this should be moved to General Business. I am not an atorney or a legal advisor, you should check this with your attorney or CPA, but here is what I know, which may not be correct. I would go for an Inc. I haven't tried any but have been recommended legalzoom.com - They are pretty affordable. I don't know, but love to know.
With that much expected income I do have a suggestion. Nevada corps are much more than just the subject of a $19.95 "special report full of secret info". I have a web design client running a fairly large company and he gets huge tax breaks by being 'based' in Nevada. Companies specialize in renting you a small cubicle which is your Corporate headquarters. If you set it up right, you save big $$$. I hope this helps.
If you are starting off and do just YPN, a sole proprietership should be fine. If you will be doing work for others and need an umbrella, then IMHO the best starting point is an LLC - it provides protection and doesnt cost as much to start or operate as being incorporated would.
It really depends on what your intentions are. An "S" corp is usually best for a small business without a lot of partners. Regardless of where you incorporate, the state you live in may require you to register to do business and there is a minimum tax in states such as California. The major disadvantage to a LLC is that all profit is subject to SS and medicare tax (15.3%). With a corporation, you must pay yourself a reasonable salary, but additional profits may be distributed as a dividend (which isn't subject to the 15.3% tax). A local CPA should really be consulted so they can go over the details of your particular situation.
If you are not making much money, an LLC is often the best. They cost less and there is less paperwork to do.
LLC's are usally much more expensive then corporations. In Illinois an LLC is around $700 while a corporation can be formed for around $50. LLC's require less paper work though which is why most people who don't have many employees or make much use them.
dear all, i'm using the adsense in a laugh site namely www.lakh-laughs.blogspot.com can anybody suggest a comparision of YPN and Adsense? if i switch to YPN will it be more income? also that i should not put ads of both on same page know.
regarding me 3rd question, if you hire a person or a group in other countries, that person or group will follow the tax rules in where they live.