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"W9", 10 days ago, 2:16 PM #1
Nicholas Ivan Ladendorf

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Registration date: 9th Nov 2010
Location: Springfield MO
I've been working on a new series that I plan to publish via Comixology and I hit a wall when it asked me to fill out a w9. Should I set up an LLC, an S corperation, or what? I'm sort of leaning sole proprietor LLC because I'm under the impression that wouldn't be on my personal taxes... I don't know I'm really dumb when it comes to this stuff. What did you guys do? Thoughts?
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10 days ago, 6:38 PM #2
Robotwin.com

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I haven't done that and I'm no accountant, but here's my 2 cents: if you absolutely don't want it on your personal tax form, you must register as some kind of corp and file it separately. As I understand it, income from an LLC would still have to be reported on your personal tax return, unless you do some special corporate tax election paperwork. Chances are that most indie comic authors won't sell enough to justify incorporation.

This seemed to explain the benefits of different corporation types well enough:
https://www.incnow.com/tax-tips/
10 days ago, 7:13 PM #3
Nicholas Ivan Ladendorf

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My thinking on this was that I only had to report the income if I didn't put it all back into the business. But now you have me thinking that I probably would have to report every time I gave the LLC money so maybe it is more hassle than it's worth.
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10 days ago, 7:31 PM #4
Robotwin.com

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IRS:A domestic corporation (including a Subchapter S corporation) must file an income tax return whether it has taxable income or not, unless it's exempt from filing under section 501.

A 501 is for non-profit entities.
https://www.irs.gov/faqs/small-business-self-employed-other-business/
10 days ago, 7:49 PM #5
E-hero Vulven
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You don't need an LLC to be a sole proprietor. DBAs are cheaper & easier to form than LLCs (and exempt from franchise tax). Unless you plan on making mad bux or need protection from someone suing you for comic activities, you don't need it. Looking at the W9, you don't even need to put down a fictitious name. Just use your real name and they'll send it to your personal, called 1099s. Think of it as getting an extra W2 for tax season.

t. Accountant
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10 days ago, 7:49 PM #6
Nicholas Ivan Ladendorf

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Robotwin.com:A 501 is for non-profit entities.
https://www.irs.gov/faqs/small-business-self-employed-other-business/


That'd probably be the smart thing to do but I am delusional enough to believe I could eventually make enough to collect a pay check. I just didn't want to bother when it's not making enough to deal with the hassle but now that I have to explain my thinking it I'm not sure that makes sense that I'd do a bunch of other work just to avoid doing some other work.

Merged Doublepost:

E-hero Vulven:You don't need an LLC to be a sole proprietor. DBAs are cheaper & easier to form than LLCs (and exempt from franchise tax). Unless you plan on making mad bux or need protection from someone suing you for comic activities, you don't need it. Looking at the W9, you don't even need to put down a fictitious name. Just use your real name and they'll send it to your personal, called 1099s. Think of it as getting an extra W2 for tax season.

t. Accountant


Oh wow I misread that. I didn't see the word OR in there. See, I'm dumb and shouldn't trust my own understanding of things. But my question with that is if I need a company name for comixology.
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9 days ago, 4:14 AM #7
E-hero Vulven
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Nicholas Ivan Ladendorf:



Oh wow I misread that. I didn't see the word OR in there. See, I'm dumb and shouldn't trust my own understanding of things. But my question with that is if I need a company name for comixology.


Nah, you're fine. You could if you want. Put your full name on Line 1, leave Line 2 blank, check "Individual" on Line 3. Put your SSN on Part I. Sign and date Part II. If you have a DBA or LLC AND applied for an EIN from the IRS, put its name on Line 2 and put the EIN on Part I instead of your SSN.
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9 days ago, 7:35 AM #8
Nicholas Ivan Ladendorf

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Comixology says it wants a company name (so people can search by publisher I am guessing) So could I put a name on 2 and still check individual?
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9 days ago, 8:46 AM #9
DrewSpence

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Sorry to NOT add any helpful information.
I like the idea of having a published entity-brand-name different than your given name.
What if actually do- do okay?
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At this point I'd give the same advice I'd give to everybody- don't start worrying about monies you haven't made. Or saying/thinking that anything will stay the way it is in your mind right now. There's no harm is setting up a DBA. Long as you list the actual income when you do your taxes, it's fine. Keep it simple as others have said earlier.
------------------------

It's kind of a big deal if they even accept your comic.
Although there are some janky titles, for the most part it'd be a vote of quality/confidence.

I like NIL Comics.
It's your initials and Nil means none or zero.
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9 days ago, 5:47 PM #10
Nicholas Ivan Ladendorf

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DrewSpence:
I like NIL Comics.
It's your initials and Nil means none or zero.


or this http://nilgravity.com/
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9 days ago, 6:38 PM #11
DrewSpence

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YES! So why wouldn't you WANT to use that name?!
Run with that. looks great.
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9 days ago, 7:32 PM #12
nearmintmill
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basically they need someplace to send the tax info they need to keep to. they get money for selling your stuff, they need to report that, and who they send money to. i.e. you. which means if they report money going to you YOU need to report receiving it.

ANYTHING you make off comixology you need to report. period.

W9's are for essentially independent contracts. which is what this is. Comixology asks on the form for your TIN or EIN (kinda interchangeable) just get one. it's not that hard, and it saves you hassle with other similar sites as well. you ONLY need a DBA if you're doing business under a name not your own. LLC is generally reserved for slightly larger businesses who may have employees, or make more than a certain amount of money a year. Sole proprietor, to be official you need to still file/register that you are one with the state you live in. again, mostly just for tax purposes. (sales tax etc)

I did all this last year, and it may take some time and get you nervous here and there, its best to have it done and out of the way. to have everything in order so when you come across things like W9's and other forms that WILL ask specifically for your TIN/EIN, you're set and good to go. One other reason its best to get a TIN/EIN is because it helps protect your SSN. which personally you should use as little as possible to help prevent identity theft.
One week ago, 4:53 AM #13
Nicholas Ivan Ladendorf

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DrewSpence:YES! So why wouldn't you WANT to use that name?!
Run with that. looks great.


I've had the domain since 2003 and you seem to be the only one to like it.
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6 days ago, 1:52 PM #14
Robotwin.com

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I like it, too.
Yesterday, 11:56 AM #15
Nicholas Ivan Ladendorf

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Registration date: 9th Nov 2010
Location: Springfield MO
Thanks. Glad I stuck with it now.
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