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Passive Income

Setting Up A Corporation

Time to get official!

Time to get official!

This step is going to vary a ton based on where you’re located or what your personal situation is.    I’m not a lawyer by any means so you definitely want to make sure you get something setup that makes sense in your area.   I would ask some friends in your area who have setup businesses before and see if they have any recommendations.   You can always go to your local chamber of commerce for help, a lot of the time they even offer free business counselors to help you get started.

That being said it’s a good idea to setup some kind of corporate entity for your business to protect yourself.   Also depending on where you live there could be a wide variety of tax reasons.   I know people who have setup their corporations in Nevada, Delaware, Florida, you name it.

This is definitely something you’ll want to research.  Here in Florida I know it’s usually suggested to setup an S-Corp for tax reasons, so that’s what I’ll be doing for this.   There are alot of companies online who will do all your setup for a little bit of money.   I don’t know how good they actually are so do your due diligience, and when your biz starts taking off and you start making money you’ll want a legit lawyer to review everything for you.

You can do it yourself if you’ve got the time and are comfortable with it.   Look for your states Division Of Corporations and follow along with what they say to do.

The fee here in Florida is only about $70, so we’ll go ahead and add that to the tally!

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