Who Gets Locked Out of Paypal? It's Me | Web Creation Week 6
This week was a bit of a trial and error as I went kind of week. It’s the same week that we’ve officially posted our websites. Mine’s not perfect, but I’ve been such a perfectionist that it feels so good to just get it out there and let things get better as I go.
A lot of legal structure goes into running a business, and not playing by the rules can come back and bite a business owner.
I took to the internet to see what others have to say when it comes to legal corporations and podcasts. An LLC is what stood out profoundly among the rest as it allows the owner to separate business expenses from their personal expenses. It is important to note though that CPA analyzed that if you don't make over 50k in revenue per year with a podcast then forming an LLC won't benefit one from a tax perspective. But the other benefits of an LLC are what I would be shooting for.
When it comes to public speech, it's easy to step on toes in today's day and age. Having an LLC would protect a podcaster's personal assets from any lawsuits or cease and desist pressures. Being in the limelight while having conversations with multiple people can be invasive, so using an LLC to maintain personal privacy protection is useful as well.
Accessing an LLC in Idaho appears to be very simple and easy, with plenty of online step by steps. The business name must include the words Limited Liability Company or LLC and must have a different name than any existing name in the state. I would then label myself as the registered agent and file the certificate of organization for the secretary of state to then review. I'd wait for the certificate from the state then create an operating agreement.
Filling out an operating agreement is an extra step when creating an LLC in Idaho, but it is essential in building the business. Once that's complete I would get my employer identification number and enjoy my new LLC to obtain permits, licenses, open bank accounts, apply for business cards, and more. I would be able to protect my name with a logo and a trademark as well, which would be very important to me.
Overall, an LLC would be best for my podcast in Idaho. I’m cautious about the application process as I can always be turned down, so It’s important that I develop a podcast pitch that will come off professionally when pitching it to the secretary of state.