Do i need to start a business?
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Do i need to start a business?
I would like to start a poetry magazine. Right
now it’s an online journal. I do Not wish to
sell either future magazines or access to the
journal..yet. my plan is to do this full time
one day. Which will require money, money i hope
will be purely donations. With that in mind,
what should my steps be or where can i find
out?
Asked on July 15, 2018 under Business Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Do you *need* to form a business entity? No--you can start the business as a "sole proprietorship" which means that *you* are the business and there is no legal distinction between you and the business and no separate business entity.
But should you form a business entity first? Yes. A business entity (an LLC or corporation) will protect you and your personal assets from the majority of potential business-related liability, such as if you breach some contract, defame someone, violate copyright, etc. Of the two forms, and LLC is superior to a corporation for most small businesses: it involves less paperwork, formalities, and reporting, and can be a more flexible structure. It is recommended that you form an LLC, then conduct the journal under it.
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