I am now the manager of an LLC! Oh yeah! I mentioned back in June that I am now a full time author and independent publisher. I was so excited to make this jump. My business includes not only writing and publishing my own work but consulting with other groups who have a large online presence to help them publish. Sometimes it is really hands on and has includes ghost writing, project management, all aspects of editing, design, distribution and other times it has been as simple as several coaching call to walk someone through their goals for the book and what platforms make sense for them.
Because my advice, which I obviously think is good, could have a financial impact on someone else’s business, and I now have enough coming in to really have to pay attention to taxes, I started an LLC.
My husband and I both consulted with a recommended local accountant. A friend of mine who is also a successful self-published author, as well as a freelance writer, recommended him and he was great. He gave us some great advice and ultimately we decided that it was time to form an LLC.
I had heard about this as an option at least two years ago now, and at the time I wanted to create one right away to protect my IP. But at the time my sales for my third book had hit their 6 month – no one knows about this books because I don’t have time to promote it anymore slump, while I was getting my first client lined up, and working 60 hours as well. At the time it didn’t make sense to get the LLC, just yet. So I added it on my long-term Asana list [and let it be.
After making this big change, seeing that I would have more need for the protection of the LLC, having the revenue to support the cost, and based on the advice of our accountant, I filed for my LLC.
I would HIGHLY recommend that you speak to an accountant or an attorney or an accountant/attorney about this if you are considering it for your author business. There are tax implications here. Thankfully, we had the recommendation of this local accountant, and my mom is a tax attorney. I lucked out here. But I still had to do some work.
In the state of Florida, it is $125 to file for an LLC. I will need to submit an annual report each year to show that my LLC is still doing business and pay a regular fee. I think I am the most nervous about that because then anyone could track down my business revenue and then I’m open to judgment, but that just gives me more motivation to have a really strong year. Also, who cares what other people think anyway.
OK so after I filed I received confirmation that my LLC was established. It took 4 weeks though. So the usual turn around time was 10 business days, apparently, there was a flood of new filings in Florida so it took a bit longer. I did get a letter from an official-sounding group saying that I needed to pay $67 dollars for an official certificate of my LLC. I called the actual filing office and they said to throw that away, that was some outside business trying to sell me a very expensive piece of paper.
….And that was it. I filled out the paperwork, sent it in with my check, and I became the manager of an LLC. I’m going to learn so much this first year as I have to update all my publishing accounts and tax information. But for now, it’s done!
If you are thinking that you need to set up an LLC for your author business I have some great resources that I used that can help you as well:
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Have a great day and now you can get back to writing your book!
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