Author Topic: form a firm or not?  (Read 341 times)

wzhang18

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form a firm or not?
« on: January 11, 2019, 08:00:44 PM »
Hi, I learned that forming a firm can have many advantages (e.g. tax). I wonder if I create a blog or a youtube channel, should I create a firm for it? What are the pros and cons? Thanks.

sfpf

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Re: form a firm or not?
« Reply #1 on: January 15, 2019, 04:07:39 PM »
Depends how serious you are imo. If you are brand new and haven’t generated any income it’s easiest to treat it like a hobby first and you can file a schedule C as a sole proprietor if you start earning. If you are able to start generating regular income and plan on putting in a lot of time for the long term then forming a corporation becomes way more worth the time, setup, maintenance and liability protection.

Sydney

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Re: form a firm or not?
« Reply #2 on: January 16, 2019, 11:22:33 PM »
I agree with sfpf. Forming a business and maintaining it can be time consuming and also costs money. Give yourself a chance to try things out first like a hobby and once you pick up steam and are dedicated to working on your projects long term, then consider incorporating.