Welcome to Ron’s Tip of the Day. Today I am looking at Type of Business.
In my last blog I referred to the naming of your business. Today I want to discuss what I believe is the best type of business for writers.
If you watch my video series Its Your Business you will learn about Types of Business. There are Corporations, Limited Liability Corporation, Partnership, and Doing Business As (DBA). I favor the DBA because it costs less, easier to establish, and requires less reporting.
Its primary problem is lack of protection.
Essentially, a DBA is simply a name recognized by the government as you (individual) doing business under that name. It allows you to concentrate more on the writing and less on trying to meet a lot of government red tape.
If you must have a corporate structure, then an LLC is best. You have maximum protection while enjoying the benefits of being incorporated. But if you don’t have a convoluted business I believe the DBA is the best.
Because a DBA is a recognized entity it allows you to set up a Business bank account, conduct business, enact contracts, and most other business activities. All of that with minimal costs!
Tip of the Day: Take a deep look at a DBA.
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R Frederick Riddle is the Editor of TR Writing Services providing help to struggling and/or new authors to write and publish their books. In addition, he is best known for Christian Historical and Speculative Fiction. He is also co-founder and Vice President of T&R Independent Books where his books are featured. To reply to any blog you have the option of commenting on a blog and/or sending an email to email@example.com. You may also be interested in his Facebook page at RFrederickRiddlesWorld.