Business

[fury]

I think I could really make a business out of running online communities like this and my game... What do you all think about it, and are you (or do you know of) a lawyer or experienced business owner that can tell me the basics, and what it means for me and for the community?

I've googled it a bit, as far as LLC (which is I think what it would be) the essentials of it are, it's tax deductible when you operate at a loss, your liability is limited to the business entity itself, and you get a business name that you can use to look all professional and stuff. But is it as simple as filling out the form to make an LLC, or since I would most likely involve other people in the business, is it best to have a lawyer consult with us and draw up the paperwork?

 

[Inkara1]

Got the money to start it up? Also, filing the fictitious business name statement with the local paper isn't that expensive but it is required. Taxes are extremely fun for a corporation, as well.

 

[fury]

Got the money to start it up?

Nope, not by a long shot. Don't even know how much it costs...

 

[Mirlyn]

There are some filing fees (~$300 here, if I remember correctly) with required paperwork for the state/fed with articles of incorporation and whatnot. Then your Tax ID then bank account, and then you can receive checks written to your entities name (read: open for business).

An LLC is more protected than a SP, but be careful about signing personal guarantees with business obligations. Annual reports may be required, as well as possible monthly/quarterly/anually withholding and sales tax reports with the state. I would recommend also finding an accountant to help in tax time so your personals don't get messed up/late while working on your business returns. Taxes aren't hard if you keep your books clean, but don't wait till March (expect $200-$300 per return).

Get a lawyer. Especially if you have partners. Well worth it, and they will know the state/local laws and processes better than google. There might need to be some research done professionally on a legal level before filing to start a business. Can't remember what ours charge, but anywhere from $500-$2000 depending on what needs done (forms prep, research, filing, elections, articles, etc).

Just my two cents of experience.

 

[Cerise]

http://www.legalzoom.com/

 

[paul_valaru]

incorporating means the business is it's own legal entity, and you are personally not responsible for the debts. Not really nesessary, avoid partnerships, if someone wants to invest in you incorperate and sell shares.