Sole Proprieters (Come Inside Please) - GoFuckYourself.com

pocketkangaroo · 03-04-2006, 04:42 PM

Those of you who are working on your own part time, how are you setting things up tax wise? Are you using your SS# when signing up for these programs or requesting a EIN?

My problem is this. I have a company but primarily deal with mainstream stuff. I don't want to mix the two for reasons I have chosen. I don't really want to start my own company just for adult, but will if it is the best option. Do you guys just work on your own name and keep track of things on your own and file a schedule C? Work for yourself and get an assumed name? Or setup an LLC?

warlock5 · 03-04-2006, 04:47 PM

If you want to divide the two, I would set up an LLC, simple and painless. I have two EINs, one for myself so that every random affiliate and advertising program doesn't have my SSN, and one for an LLC I am a partner in.

EdgeXXX · 03-04-2006, 04:50 PM

Quote:

Originally Posted by warlock5

and one for an LLC I am a partner in.

You may want to set that one up as an LLP

czarina · 03-04-2006, 04:50 PM

Either an LLN or an INC. but it is worth the extra cash.

pocketkangaroo · 03-04-2006, 04:53 PM

I've never heard of an LLN. The only benefit I see right now from being an LLC on my own is liability. In this business though, I don't think I really have to worry about being sued too much.

SilentKnight · 03-04-2006, 07:14 PM

We incorporated a few years back primarily to separate our personal from the business. The goal with any business in the beginning is to try and keep it in the red 'on the books' for as long as possible. But as a proprietorship this was hurting my personal tax return since I was considered one and the same as the company.

Once we incorporated, I became a 'paid employee' of my own company and now claim that. Plus we're able to write-off much more of the household as office and studio space. Hell, we even wrote off a $600 xmas tree a few years back since we used it as a prop in a photoshoot, heh.

Under the corporation, we can legally operate under more than a dozen different company entity names if we choose.

One setback to consider is a corporate tax return is generally much more expensive than filing a simple sole proprietorship return, though.

03-04-2006, 04:42 PM	#1
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	Sole Proprieters (Come Inside Please) Those of you who are working on your own part time, how are you setting things up tax wise? Are you using your SS# when signing up for these programs or requesting a EIN? My problem is this. I have a company but primarily deal with mainstream stuff. I don't want to mix the two for reasons I have chosen. I don't really want to start my own company just for adult, but will if it is the best option. Do you guys just work on your own name and keep track of things on your own and file a schedule C? Work for yourself and get an assumed name? Or setup an LLC?

03-04-2006, 04:47 PM	#2
warlock5 Confirmed User Join Date: Jan 2004 Location: Uranus Posts: 2,808	If you want to divide the two, I would set up an LLC, simple and painless. I have two EINs, one for myself so that every random affiliate and advertising program doesn't have my SSN, and one for an LLC I am a partner in.

03-04-2006, 04:50 PM	#4
czarina Webmaster Extraordinaire Industry Role: Join Date: Jul 2002 Location: A beautiful beach... Posts: 10,748	Either an LLN or an INC. but it is worth the extra cash.

03-04-2006, 04:53 PM	#5
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	I've never heard of an LLN. The only benefit I see right now from being an LLC on my own is liability. In this business though, I don't think I really have to worry about being sued too much.

03-04-2006, 07:14 PM	#6
SilentKnight Megan Fox's fluffer Industry Role: Join Date: Oct 2005 Location: shooting pool in Elysium Posts: 24,818	We incorporated a few years back primarily to separate our personal from the business. The goal with any business in the beginning is to try and keep it in the red 'on the books' for as long as possible. But as a proprietorship this was hurting my personal tax return since I was considered one and the same as the company. Once we incorporated, I became a 'paid employee' of my own company and now claim that. Plus we're able to write-off much more of the household as office and studio space. Hell, we even wrote off a $600 xmas tree a few years back since we used it as a prop in a photoshoot, heh. Under the corporation, we can legally operate under more than a dozen different company entity names if we choose. One setback to consider is a corporate tax return is generally much more expensive than filing a simple sole proprietorship return, though.