My friend and I plan to start a subscription newsletter in an area where we both have interest in. We are looking at this more as a hobby but it could bring in some revenue (it would be pretty modest at best). We also don't want to complicate it too much to being with.
I am looking at how best to do this both from asset protection and tax perspective. Asset protection/shielding is good to have at this point but not must have at least in the beginning as it is a newsletter subscription through an online platform. very low probability of lawsuits related to physical stuff as there is nothing physical. I understand there could be copyright lawsuits but the kind of newsletters we plan to have are pretty generic and if at all (we don't need to) we were to use any images as part of newsletter we plan to purchase them and make sure copyrights are not violated (again images are not necessary for the newsletter).
I understand that one can go the LLC way for asset protection. Can we just start it simple with no LLC ? If we go down this route, does one of us provide our details for payment processing (newsletter subscription platform would need details/bank account for payment processing) and keep it simple. From a tax perspective of course, I am assuming that this is by default considered a partnership and any revenues (this can be tracked through the platform) are split 50/50 ? We are thinking of keeping it simple to being with because we are unsure if at all this will bring in any considerable revenues and if at all we will have the time to continue this for long enough duration. But we do want to start somewhere though.
Thanks.
I am looking at how best to do this both from asset protection and tax perspective. Asset protection/shielding is good to have at this point but not must have at least in the beginning as it is a newsletter subscription through an online platform. very low probability of lawsuits related to physical stuff as there is nothing physical. I understand there could be copyright lawsuits but the kind of newsletters we plan to have are pretty generic and if at all (we don't need to) we were to use any images as part of newsletter we plan to purchase them and make sure copyrights are not violated (again images are not necessary for the newsletter).
I understand that one can go the LLC way for asset protection. Can we just start it simple with no LLC ? If we go down this route, does one of us provide our details for payment processing (newsletter subscription platform would need details/bank account for payment processing) and keep it simple. From a tax perspective of course, I am assuming that this is by default considered a partnership and any revenues (this can be tracked through the platform) are split 50/50 ? We are thinking of keeping it simple to being with because we are unsure if at all this will bring in any considerable revenues and if at all we will have the time to continue this for long enough duration. But we do want to start somewhere though.
Thanks.
Statistics: Posted by 400401402 — Thu Aug 08, 2024 6:07 pm — Replies 0 — Views 299