Video instructions and help with filling out and completing Why Form 2220 Publications

Instructions and Help about Why Form 2220 Publications

Hi guys welcome back to my channel today's video is one that has been highly requested and that is how to start your very own publishing company this is something that I did as a self publisher I am the owner and president of Black Falcon Press which is my publishing company I want to share my experiences with you and give you a step-by-step guide in case you are thinking about starting your own publishing company quick disclaimer though this video is for informational purposes only I am NOT an accountant or a lawyer and I'm not giving legal advice before making any business decisions it is recommended that you consult with a tax professional and a lawyer with that out of the way first let's get into why it's a good idea to create your own publishing company and make sure to StayTuned at the end of this video because I'll be doing my drawing for the three winners for my 1k giveaway and yes this is what a thousand pieces of paper looks like in a jar so the pros of setting up a publishing company are number one professionalism with your own publishing company you can register the ISBN with your company name as the publisher this will show up on your book sales page and it will look more professional than having createspace or your name listed as the publisher also if you're wanting to use Ingram spark it's required that you sign up as a publisher and not an individual just something to keep in mind number 2 separation of church and state by this I mean that having a publishing company separates your book publishing activities from your personal income and assets it can be helpful to have your business and personal finances separate for tax purposes there are even times when it can save you money also if you decide to form an LLC or an S corporation more about those in a little these companies shield your personal income and assets from lawsuits that may occur while lawsuits are pretty rare in this line of business it's nice to have that extra layer of protection in place just in case and number 3 options galore once you have your own publishing company the sky is the limit down the road you may decide that you want to offer your services to the public you can offer not only publishing services where you offer to publish other authors books which hint-hint is something I'm thinking of may be doing in the future but you can also offer editing revision and marketing services it's your business you can make it whatever you want it to be okay so if all this sounds fine and dandy and you've decided that you do want to start your very own publishing company then you should follow these seven steps number one research your options it's important to know what options are available in your country since I live in the United States this video is going to be about setting up a business in the United States there are three main options to choose from in the States a sole proprietorship an LLC which is also a limited liability company and an S corporation so let's define what these three are a sole proprietorship is an unincorporated business that you run yourself you would claim this under your social security number for taxes this is honestly the easiest way to start a publishing company an LLC is a limited liability company and this is actually the one that I chose for Black Falcon press and it is taxed similarly to a sole proprietorship however an LLC is an incorporated business and separates and protects your personal assets from your business assets under you guessed it limited liability an S corporation is an incorporated business and it gives more tax advantages and savings number 2 decide on a name for your publishing company once you've decided on the type of business that you're going to set up either a sole proprietorship and LLC or an S corporation you need to choose a name for your publishing company you must make sure that the name that you've decided on is not trademarked or already taken in your state also make sure to choose a business name that is professional and fits your brand don't rush this step because your business name is going to stick with you for a long time so you want to pick a good one number three finalize the business type and file the paperwork now that you've chosen a name for your publishing company you need to finalize the setup and file the paperwork the most fun step of all this step is somewhat difficult for me to explain because the filing process varies from state to state so I'm going to tell you how I did it here in Texas because Texas is where my publishing company is setup really all I did was Google how to start an LLC in Texas Michelson was one of the first websites that popped up and I had seen commercials on TV so I figured I'd go ahead and click on it and check it out just to see how much this was actually going to cost I answered all the questions and finally got to the pricing page and holy cow so first of all just to file for a new business for an LLC in the state of Texas it costs $300 but because LegalZoom is a third party service who's going to do all of the filing on your behalf they make you choose from three different packages economy which is one hundred and forty nine dollars plus the three hundred dollar filing fee standard which is two hundred and eighty nine dollars plus the three hundred dollar filing fee or express gold which is three hundred fifty nine dollars plus