The Business of Writing…

Writing Wednesday

Typewriter Pink

On Wednesday’s I like to share information I picked up on my path to publishing, marketing and preparing to publish again. Information that I wish someone would have shared with me, back then.

To Incorporate or not:

I knew when I made the decision to write my first book that it wouldn’t be the only book I would write. My plan was to find a way to make writing my full-time job. I also realized I would need to be creative and find ways to supplement my income because writing, editing, publishing and marketing books takes a long time.

To get established- I decided on the advice of my attorney to create a corporation. That way I would be able to write off any losses, take advantage of tax breaks for small businesses and to protect our personal assets if something should go very wrong.

Scales of justice

My attorney told me that more than nine-million businesses in the United States are owned by women and that number is growing dramatically. It felt good to be part of that.

The opportunities for me as a midlife woman were unlimited. I started ghostwriting, author coaching, social media management, content writing, freelance writing and generating income from my blog.

Whether or not you should incorporate or form an LLC depends. If you plan to work alone, it may not be necessary. If you want to incorporate to protect your personal assets from being taken should you be sued, you must be a stickler with your paperwork and your finances.

Business ledger

All of your business income must be kept separately and you must keep enough in your business account to cover any liabilities that may arise. If you mingle your finances a judge may allow you to be sued personally.

The corporation is working well for me. I love being a small business owner.

Before deciding what will work best for you and the business of your writing and blogging I suggest taking the time to have a consultation with a business or a literary attorney. It will be well worth your time.

Did you decide to or not to incorporate your writing or blogging business?

Happy writing,

Doreen

 

 

 

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