Should I start a LLC or not?
I have one mid sized, and fast growing website as of today. Through a job I have, the links it will provide leading to my website will generate traffic for quite a long time (10+ years). The net income generated from ad revenue for 2007 (using regression analysis then extrapolating a flat value for 2007) is projected to be $1500-$4000. After two years, this website should require little to no updating (after I have generated a large enough article and download database)
In the future, I plan on setting up a few more websites (possibly)
I live in the Kansas City area, and in the state of Kansas an LLC costs $160 to set up. My question is should I start an LLC (In Kansas it’s possible to have one one “member”) or should I just keep running it on my own and report it as usual on my own taxes?
Note: I plan on moving from Kansas after college (and for Grad school). Would this effect anything?
Just claim the income on your taxes for now and keep track of your expenses because you can deduct those (if you do itemized). I wouldn’t start a corporation. Once you have one of those, you are on the IRS radar screen. You will probably have to set up a business checking account to track stuff for your corporation, and that won’t be free. You aren’t generating enough revenue right now to justify all the paperwork you’d have to keep track of with an LLC.
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