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Setting Up Your Own Company for Liability and Tax Purposes

By Edited Oct 21, 2015 0 2

While I was out of work I took a class on entrepreneurship. Being an entrepreneur is something that always seemed risky and scary to me. That's not at all the case.

How I got Started

I got my business started with a blog on Blogger. I figured that I could get some money generated from my blogging by running pay per click ads. Let me tell you, this is not the way to go for a small time blog. The ads I were able to run didn't pay well and you need monster traffic to get the clicks.

Nevertheless, I noticed that I needed a tax ID for the application for AdSense and Amazon affiliates. I also wanted a business checking account to keep separate books. I found a bank with totally free checking so it pays to shop around. I use SunBank.

LLC's

I did some research and figured out that for me, the best thing to do was set up a LLC. A limited liability company.

The LLC makes your company look more professional and now you can call you self CEO or President of XYZ LLC.

How To

It was so easy to do and the costs can vary depending on how much of a hurry you are in. LegalZoom is for the impatient folks. You can apply for the LLC yourself. Just go to Secretary of State Office for your state and you will find the directions.

It works like this. You search to see if the company name is available. Then you fill out a form and mail it in with a check. My state was $200.

Now wait two weeks. You will get the papers for your LLC in the mail. But wait, you are not done yet. You need to get your Federal tax ID from Uncle Sam. Just go to www.irs.gov and you can get your tax ID on-line, no waiting for this one.

What are you Waiting for?

Once you get your tax ID you can go to the bank and open your free business account. Now you can sign-up for PayPay and all the other affiliate marketing sites like ClickBank, Amazon affiliates and commission junction.

There are lots of web sites that discuss affiliate marketing. One I just found is run by Glen Alsop of ViperChill. He's an amazing young man who is living a true 4 hour work week.

Have fun!

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Comments

Aug 25, 2010 8:02am
Sookie
good information here, it is good to start off legal with your business. Great article!
Aug 25, 2010 8:29am
InventionAddict
You have to keep the government happy!
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