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Sub-Forum Making a Living
Topic Incorporate or smthng?
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Incorporate or smthng?
Total Views: 2079 - Total Replies: 1
Jun 30 2009, 5:45 pm - By smthng

Hey again,

Looking for info on setting up a "real" business and whether I should and when to do so.

The wife and I are about to "chuck it all" and go roving (RV already purchased).  Unlike a lot of people, we don't have any real plans for income.  We've got a fair nest egg saved up that we'll be leeching off for a while and I'll probably pick up the odd tech job here and there until we get a better idea.  I have a pretty broad range of skills, which basically means that I can do just about anything but have no idea yet of what I want to do. 

Is there any real reason I should set up a real company, or would I be better off just winging it as an individual and reporting anything I get as personal income for tax purposes?

I'm sure there are tons of things I could find to write off as business expenses if I get creative (gas, lodging, etc), but in all honesty they'd probably be just made up lies to support my ADD infected lifestyle for the first year or so. 

What are other wandering techies and NuRVers doing, especially if you don't have a defined source of income or "job"?

'01 Newmar Dutch Star - No name yet, but my wife calls it the Death Star. :S
'06 Jeep Unlimited Rubicon - "Teflon" - has to go away soon. :(

'09 Jeep Unlimited Rubicon - I call it "Little Tiny Baby Jeep That Needs To Grow Up By About Four Inches", but Dasy isn't really happy about that.

'03 Yamaha TW-200 - "Little Tractor"

Jul 05 2009, 3:28 pm - Replied by: Technomadia

Are you planning to change your domicile when you hit the road.. or rather, what will be your permanent address once you hand over the keys to your current home?

We went with South Dakota for ours, and for our business pursuits we did a quick partnership filing with the state and IRS so that we can do things like open a banking account in the company name and eventually get health insurance together.  It was very easy and done entirely online, and cost $10 to set up.  It's been a lot easier to for us to pick up random gigs as a business with a EIN.  

If we should ever expand and get into business endeavours that carry more potential personal liability, we'll likely incorporate as an S-Corp or LLC to protect ourselves more. 

Otherwise, nothing wrong with going sole propieter. As long as you use your real name in any business transactions, most states don't require any other filing to conduct business as yourself.  But definitely check your domiciled state's regulations on that, and potentially even the state that you're conducting business in. 

We can talk more about this next week over dinner if you like :)
Cherie and Chris / Technomads / www.technomadia.com
1961 GM 4106 - Vintage Bus
On the road since 2006 

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