Writing Wednesday
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.
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.
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
16 thoughts on “The Business of Writing…”
And it IS a business. It’s smart for writers to take these things into consideration as they go forward with their books and other writing.
It was easier for me to consider it a business from the beginning.
thanks for the helpful tips on the business end of a creative endeavor.
Thank you for reading!
I love that you brought this up. It’s not for everyone, but it is definitely something to be considered. Love your Wednesday posts, always thought provoking!
Thank you Cathy.
Very smart advice. It always is a good idea to get professional advice about starting and maintaining a business.
Absolutely.
This is great information. It can definitely be challenging for creative people to have to focus on the business side.
I wish I could be more excited about the business side.
I’ve always been a sole proprietor since I started freelancing but have been considering off and on lately that perhaps an LLC is the way to go. Thank you for the reminder to look further into it.
It is such a good feeling to be part of one of the largest growing group of business owners, midlife women!
I recently became an LLC. Great info.
Congratulations on your LLC!
I was recently discussing this topic with my blogging tribe. I think it’s a great question to be asking. I guess you have to weight the positives and negatives and do what works best for you individually. Thanks for sharing.
I love that you have a blogging tribe!