Online business

[khanhdom]

I have an online game which produces income. Is registering it a business is the same as a land base business? Or there any extra rules or anything I should know also about having an online business? Thank you.

[tit$]

if you want to operate as a sole prop go get a DBA, otherwise get a corp/LLC/etc with the name.

how much income does it produce?

[khanhdom]

well I don't want to reveal income, and since I'm only in it's first month, but it's producing nearly 80k/year and should be more with more promotion

I'm not sure whether to go with the website, as a sole proprietorship or corporate? I do want to produce other games similar to it and have a chain. However I know the advantage of sp is full control over the company and i know with corporate, others can buy stocks in it, and give you funding. However I don't need the funding.

Other than that, I don't know too much, any tips?

[tit$]

i would go get a corporation if you're pulling in that much money - wouldn't risk leaving as a sole prop in case somebody decides to sue you at some point.

and people won't buy your stock in a private corp unless you sell it to them. you aren't going to be puclicly traded on NYSE or anything :)

[khanhdom]

oh yea it's been a while since I took economics....totally wasn't thinking or too early for me

I remember you can't sue the person directly and aren't liable for personally in a corporation.

Is it as easy as a SP? Same procedure, and have chance of a link for texas regulation?

thanks tits!

[tit$]

don't know what SP means...

[DC]

don't know what SP means...

Sole prop... :dunno:

[khanhdom]

sole prop

[tit$]

well you don't really need to file anything to be a sole prop, other than a DBA if you're smart.

with any other entity you will need to go to a lawyer or CPA to draw up your charter/agreement - usually gonna cost you around $500. you will also need to file quarterly in most cases.

[khanhdom]

thanks tit, looks like I might go for the private corporation, and go find a lawyer to set one up

[tit$]

thanks tit, looks like I might go for the private corporation, and go find a lawyer to set one up

when you're ready to do it let me know, i have an escrow attorney that does it for my clients all day long.

[khanhdom]

really? let me know more details and what i need