Question for those running multiple sites...

[sharp21]

Not sure if this is the right forum, but here goes anyway!
Ive just about got my first affiliate site online & am already planning my next one.
Obviously they arent making any money (yet!) but before I put up the second one I thought I should start thinking about taxes & whatnot, just in case.
Should I start an LLC or something like that, like an umbrella company for all the sites? That way too I was thinking I could sign up for all my affiliate accounts using the umbrella company, so that all cheques coming in are made out to the same name, instead of for each individual website.
Also, when the tax man comes around I could have all the finances for all the sites come under the parent company.
Does this make sense? What are others doing for this situation? I want to plan ahead for future expansion now while im starting, instead of trying to cobble something together after ive got multiple websites online.
Thanks
S.

[nar321]

If your concerned check with a lawyer specializing in LLC's. Incorporation requires more paper work and at least in my opinion should be put off till there is a tax advantage.

Lynn Terry has said several times that she receives checks from different programs using several identifers and then places all such checks in the Same DBA account.

I applaud you attention to the legal nicities, But highly doubt in spite of the hype that you will be dealing with four, five or six figure checks anytime in the next 30 days. So go with the flow, do keep your online business seperated from your personal .accounts prehaps by having a virtual accountant. All of the above is my opinion and doesn't constitute legal advice

[Alan Petersen]

I have one LLC and I run everything through that.

[sharp21]

What about registering just a sole propietorship & using that?
S.

[Lynn Terry]

I always recommend you just file as sole propieter the first year, or at the very least wait until it becomes obviously necessary to go through those steps.

And as Robert pointed out, you can create a DBA (doing business as) for your bank account so you can deposit checks under various business names and/or alias names. Just ask your bank about it and they'll hook you up.

[sharp21]

Thanks. Im just going to keep building until it takes off, then worry about it!
S.

[GaryHarvey]

sharp21, what I've done is to have checks (such as Clickbank's)
sent to me in my personal name. I bank them in my personal account
and do my income tax calculations from there.

Other income comes to my Paypal account and I have linked
that again to my personal bank account. All pretty straightforward
stuff, I'd say.

My tax accountant works with the stats I provide him. This has
worked well for me for several years.

HTH
Gary

Disclaimer: This is not tax advice.... I am not an accountant... etc.....

[Mommyland]

[GaryHarvey]

My pleasure.

[MunnyMaker]

[kristinecfp]

[Barry Rice]

[beyourownboss]

[jeana900]

I have to agree with all the information that you have received from Kristine. Excellent advice.

Blessings,
Beryl