Long story short, my current blog has finally brought in some income and I'm looking to expand slowly. Hard work does pay off it seems! As such, I was contemplating registering as an S-corp or LLC. Would it be advisable at this point in time to register or should I wait until the income stream becomes a bit greater? In other words, if one were to take this seriously, when would be the best time to register as a small business?
Hey good for you! Honestly, if you were even thinking about going official you need to find a good CPA! I spent almost two months finding a nice, young lady that would say yes to my radical ideas of a business. Lol Seriously, I read every book on the subject and if you are planning on making your site the sole source of your income you need to make sure that it is done the FIRST time. Take it from me, I spent more time on the phone with the IRS trying to tell them I was not selling drugs than I actually spent growing my businesses. The s corp has many tax advantages to a NEW business. I would advise you to pick the s corp and maximize your deductions. The best time to register a small business... hmm. I think, it is when you feel confident enough to walk into a corporate lawyer and a CPA to develop your articles of incorporation. Then it is a beautiful up hill battle. Just do not give up. Hope this helps... Dan
A good CPA is a must. If you are small to mid successful. Go with LLC to start. S-Corp is your best long term solution once you are making serious green.
I would recommend an LLC. In some states there are new versions called Series LLC's which would benefit multiple small sites because each can be protected by an individual branch of the parent LLC without being legally bound responsible to the others. This is as long as there are no illegalities involved with the parent LLC. As of now I believe there can be up to 26 series LLCs under one name.