all right do you need a business to
start selling online this is stefan from
projectlifemastery.com and in this
episode of ask Stefan I'm actually going
to answer a question from someone named
look behind you and the question
actually is do you need a business
online now the answer to this is
actually going to depend on where you
live and what country that you live in
as I understand and respect that each
country has different laws and rules
about starting a business I can only
speak for myself in Canada in North
America and some major countries in
Europe and around the world however is
always best to consult with a
professional in your area do your own
research maybe reach out to an
accountant or a lawyer and they can
always give you the best advice based on
your circumstances I live in Canada I
work with a lot of people in North
America people in Europe people
throughout South America and all over
the world and the answer for the most
part from what I understand from my own
circumstances in Canada and people in
the u.s. is that you can actually start
a business as a sole proprietor ok so
meaning you don't have to set up a
corporation you don't have to set up a
business license you don't have to set
up an LLC if you live in the u.s. you
can actually start selling as a sole
proprietor which basically means that
you're selling as yourself so when you
set up these accounts on KDP on Amazon
seller central on Clickbank on whatever
kind of platform you know Google Adsense
or whatever it is you're actually
putting in your own personal information
so you're putting in your personal name
your personal address and you're going
to get paid when you make money to
yourself personally so the money that
you earn online is going to get paid to
you it's going to get either sent as a
cheque that you're going to deposit in
your name you're going to either get
sent to your bank account as a direct
deposit and then it's your
responsibility after that to report the
money and the income that you've earned
in your yearly tax return right so when
everyone pays their taxes report your
taxes your government there's usually
going to be a process that's going to
ask you about your employment income
your self-employed income as well and
you're going to have to report that on
your tax return you know I've used
something like turbo tax and software's
like that usually do
my tax returns and it's pretty easy and
straightforward to do it yourself or if
you're working with an accountant then
you're just going to provide them the
information of what you've earned
throughout the year and then you're
going to have to report that you know
that income and you're likely going to
have to pay some taxes on that as well
again depending where you live depending
on the tax code and exactly how that
works now the downside there's some
risks and downsides of being a sole
proprietor there's also some benefits to
setting up a corporation and all that
stuff as well and I'll explain that real
quick in this video when you operate as
a sole proprietor basically you're the
one that is selling whatever it is
online which means that you're receiving
the income but you also have risk
associated with that as well so for
example if you start an online business
you start selling anything in the e-book
let's say and somebody you know takes
your advice or somebody decides to sue
you or who knows what could happen
you're liable personally for that so if
somebody decides to sue you they're
going to come after you because you're
the the operator in the business that
the business is basically under your
name you're not protected by anything so
that's one of the risks that you have
operating as a sole proprietor whereas
when you set up a corporation or an LLC
that's an entity that's separate from
yourself okay that's totally separate
from you so if somebody Sue's you they
can't sue you personally they'd have to
sue the corporation and have to go after
that which means that you're protected
personally as a director of the company
and all of your personal assets such as
maybe your house if you have other
investments whatever it is that's all
totally safe and fine and protected
because they can't go after you
personally so that's one of the benefits
of having a corporation you know
somebody wants to sue Microsoft you know
or Bill Gates or something like that
they can't go after Bill Gates they'd
have to go after Microsoft so Bill Gates
is protected and that's one of the
benefits you have by setting up a
corporation becomes even more beneficial
when you learn about corporate structure
and you set up different layers and
subsidiaries of companies which is a
little bit more advanced that might be
worth going into another video or so but
you know a lot of big companies what
they do is they actually set up hold
companies as well to help protect a lot
of their money and assets you know
outside of their corporation and start
investing with with that holding company
also now the benefits as well of having
a corporation is there might be some tax
benefits again based on where you live
you know where I live in Canada there's
a lot more tax benefits once you're in a
certain tax bracket because you can
start to write off things and you pay a
lot less money in taxes through a
corporation as opposed to personally in
Canada once you start making a lot of
money you get taxed a lot higher and so
it ends up being more worthwhile to have
a corporation and get getting taxed at a
much lower tax rate so these are all
things you're going to have to consult
with an accountant about and find out
what's best for you
for most people I just you know advise
people just to get started online just
start as a sole proprietor is the
easiest and fastest way to get started
you know that's what I did for myself
personally and as your business grows as
your online earnings grow then it's
going to become worthwhile for you to
set up a corporation you know spend some
money on accountant you know get all
that set up the right way
and and help protect yourself and pay a
lot less in taxes however when you're
first starting out that you know that's
not really that required many people
start off as a sole proprietor in fact
most people do the main exception that I
have that makes it worthwhile to start
off as a corporation right from the
get-go or an LLC it's the boat going by
here
all right the main exception that I have
for that is if you already have a lot of
personal assets so for example if you're
already very successful in your life you
have owned real estate you own a lot of
investments you might have a high net
worth in that case it's very risky for
you to start selling anything as a sole
proprietor because if somebody decides
to sue you they can go after all of your
personal assets and that's not a good
thing so in a case like that where you
actually have a lot of personal assets
and a high net worth
I do recommend starting up a corporation
right away for me now I only do
corporations with any business that I
want to start you know I don't risk you
know anything because I have a lot of
assets I'm real estate a lot of stocks
and equities so I'm not going to take
any risks with that so that next
circumstance it makes sense to start off
with the corporation and LLC and
actually work with a lawyer or someone
that can actually help you set that up
the right way but for most people that
are just in a position where they just
want to get started they don't have a
lot of personal assets and they just
want to get started selling online then
you can just get started as a sole
proprietor so to answer the question no
you don't need a business license to get
started you can just get started
selling yourself personally and
eventually get set up with the business
as time goes on so hopefully this video
is helpful for you again I want to
encourage people to consult with an
expert based on your country and where
you live that can be an accountant or a
lawyer or just doing your own research
always do your own research as well and
and make sure that you know what you're
doing before you get into something but
hopefully this was helpful for you
thanks for watching this video make sure
to like and leave a comment below and
subscribe for more videos like this take
care hey this is Stefan and thank you so
much for watching this video if you
enjoyed this and please hit the like
button below leave a comment to let us
know what you think and make sure to
subscribe to our YouTube channel for
more great videos like this now if you
want to take your life to the next level
then I want to offer you a free gift
it's called my life mastery toolkit and
it literally has the best of the best of
what I have to offer in terms of videos
articles and resources for taking your
life to the next level and living an
extraordinary life
to get access to this all you have to do
is click the link that will appear right
here on this video or if you're on a
mobile device then click the link in the
description below and then head on over
to that page enter your email address
and I'll send you immediate access to
the life mastery toolkit I want to thank
you again for watching this video and
tell the next one I'll talk to you soon
you
#Best Education Page #Online Earning
online earning,make money online, earn money online, online earning, online earning sites,
make money online free, online money income, earn money online free, money online, best way to earn money online, online income site, money earning websites, best online earning sites, easiest way to earn money online, earn money payment bkash, online money income site
Posts
No comments:
Post a Comment