So I'm starting a new venture with a friend of mine. Basically, we are not going to be looking for seed funding, or really any funding for that matter. We are going to be up fronting the costs to our website on our own, as well as buying things like the domain name, etc. until we receive more traffic and have a better case for funding in the future.
I was going to create a short-form agreement that just says some simple stuff like, "Here are our divided percents, here's some simple things we need to agree on, etc.".
Basically, I know this thing is going to be fine for the time being (just between us to split some stuff up), but say the site started to make money through advertising or sponsorship, would we then be required to register as an LLC or something to take that money and have it be taxed properly? Also, say we entered into an agreement with another company, do we legally need to sign that agreement on behalf of our "company", or can we sign it on behalf of our website name and our names, and worry about becoming official in the future?
If all things point to definitely needing an LLC, we'll wait, save up some extra cash, and just do it, but I'd like to worry about only the hosting fees and domain purchase for the time being, until we can generate some traffic and sponsors.