More and more people make money on the Internet and they work from home. Thus, it makes sense to form a limited liability company for all your Internet revenue generating activities. If you are making money on the Internet, it is a business, and there will be liability.
Having a limited liability company is something you should discuss with your attorney, and accountant. I’d recommend you consider it. Even if you are not planning on making a whole lot of money at first it still makes sense to form an LLC, before your business gets larger and more complicated.
Just because you do business online does not mean you cannot or will not be involved in the lawsuit, and you need to protect your personal assets, and the assets of your family. There have been some really interesting horror stories where small Internet entrepreneurs have lost entire family fortunes due to lawsuits. Running a website business may seem like a fun little business to run, but it’s still a business and there are risks.
How much does it cost to form an LLC?
Indeed, I’d recommend that you ask your attorney what your total cost to set up the LLC is plus the costs to keep it running each year. It may not be as expensive as you might think and it will help you sleep better at night.
Each state has different rules there is no specific price to file with the state. And because in some states it’s more complicated than another’s, you may find that there is also a difference in the attorney’s fees to set it all up. I hope you will please consider all this.