The Coupon Project was formed as an LLC last year. Why did I do this? First, I knew I wanted this blog to be a business. It's more than just a hobby for me . There were a few other reasons I took this route:
1. To protect my name. Bloggers, think your name is safe? Think again! If you are not registered as a business, you may not have the protections you think you do. There are additional steps you can take to protect your name (and brand), but this is a move in the right direction and a way to establish your presence.
2. For clarity at tax time. I wanted a clear way to manage my work-related income and deductions, and this is it. I was able to set up a separate bank account for The Coupon Project to more fully keep my blog separate.
3. To protect my personal assets. When I started this blog, I didn't fully understand the potential liabilities that could be involved. So why risk it? If an angry reader or company were to come after me (God forbid!), my LLC designation provides some legal protection from having my personal assets (think house!) being risked. This is perhaps the biggest reason in forming my business as an LLC. Other structures – such as sole proprietor - do not offer the same legal protection.
Why am I sharing all this with you? Because if you are a blogger – OR if you are someone looking to start a business or form a LLC structure, there is a GREAT deal going right now through MyCorporation (a division of Intuit). Get your business license or LLC formed for FREE! You will need to pay the $29 shipping fee for your documents, but let me tell you, I had to shell out $200 when I did this. This would be a great opportunity to take this important step.
Of course, I should probably make some general disclosure at this point, so let me do my best. Be sure to talk to your State about what you need to do to form your business and be sure to get all the necessary counsel before making any such decision. Running a business is fun, but hard work. Make sure to do your homework, take the time to make sense of any pertaining tax or filing requirements that you might be responsible for. How's that? Fair enough? If I missed something, fill in the blank.
Go here for the details and to get started. This offer is only good through February 28, 2010!