i am non US, and i conduct whole of my business through internet. My businesses make not much about $100-$200 monthly. Is there any need to form a business? is it for image or anything else?
Even if you don't make millions, it's no reason not to establish a company. There are image and tax advantages to name a couple of important reasons.
Limited liability is a great reason to form a business and is one of the reasons that I am currently in the process.
Forming a company - you have to go through so many tunnels and it takes hard work! I really have to stress this. My uncle runs a local shop and he is now thinking of expansion - I have advised him the best way to keep his existing customers is marketing. ANYone who wants to open their own business must also consider marketing into their portfolio..
it's mostly about the image. if you do things by the book then that brings certain stability which customers like.... but in reality it's more trustable if you say "i AM liable for my own mistakes, therefore companies house (or a non-uk equivalent) can keep their annoying application forms to themselves and the fakers out there"
Tax advantages and limited liability, though the latter is not synonymous to a company. There are unlimited liability entities besides personal proprietorship, so beware.
Keep your personal life separate from your business activities. You never know these days. LLC or S Corp depending on your situation...
It's much more than image.....especially in today's world where you can "do things by the book" and still get sued. The main reason most people form a legal business entity is to safeguard their personal assets. By incorporating, or forming a Limited Liability Company (LLC), you're free to conduct your business without worrying that you might lose a home, a car, or any of your personal savings because of a business liability. This is, in fact, one of the best moves you can make to protect your personal property when you own your own business. Jim
I have as many as 5 different businesses. Should i make them all under one single company name? any tips for naming a company? BTW.. i am thinking of forming LLC in Delaware as offshore entity.
I would recommend forming a business and depending on where you are located, it is not very hard to form the easies form, the sole proprietor. You can form that first, then switch to an incorporation or LLC when the money starts coming in!
No idea - perhaps depends how different they are? I wrote a brief guide on naming a company in the past - hope it helps. You might also consider www.MakeWords.com or www.NameBoy.com for finding a name for your company (even though they are domain naming tools)
I think that the ability to network with other business owners in your area is an awesome benefit to starting a business. The Chamber of Commerce in your area can really help drive customers , and help you grow.
unless your making 30k dont waste your time because i would rather hve 30k tax free, than having a business to make me feel good because we all know thats the reason most people get a license.
forming a company = need to pay tax limited liability sounds good; but don't find it practical in internet business
another reason to form a company (or companies): shoemoney mentioned here on DP that he splits his google income to several accounts - and a new company can have one google account. Therefore founding several companies enable you to do this. Naturally this comes to into picture when the revenue gets in the higher end...