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I am currently making a decent amount of income from affiliate marketing (people go to my site, click my link for product X, and if they buy product X, I make a percentage of the sale). I am wondering if I should contact an accountant since I am on pace to make over $100,000 this year ... all on the side. If it helps, I have been using about 5% of my earnings to reinvest in my online businesses ... but it will probably be more soon. |
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I would immediately set up an LLC that you are the sole owner of. I don't know much about the taxes side of things, so an accountant is the best idea in this situations. I make my recommendation because of liability. Right now, if your customers have a problem with a product they bought after being referred by you, they can sue you personally. Not saying they will win, but it is your person they can come after. When you have a Limited Liability Corporation you have a basic level of protection. This is from my experience starting an S-Corp, that I turned into a C-Corp, later sold and started 2 LLC's. I am NOT a lawyer, so this is not legal advice. |
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