Should an independent mobile game developer incorporate a business?
The story is thus: I am on the verge of publishing my first app, but I was thinking whether I should incorporate or not. I am an accounting student, albeit in second year with a budget of 00. I am serious about the gaming industry and willing to go all in.
But would it be wise to start a company?
I am mostly concerned with taxes and keeping it separately from myself as I have greater plans in my mind.
EDIT:
I was able to determine the costs of incorporating, the paperwork required and how to file corporate taxes. I have definitely confirmed that the corporation will save a lot more taxes than being self-employed in the expected revenue brackets.
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In addition to asking an accountant, I would also ask a lawyer. When exploring the same question for myself, I found that one of the benefits of incorporating or forming an LLC is that your personal assets are better protected.
Including asset protection, here are 5 reasons to incorporate:
Personal asset protection
Additional credibility and name protection
Perpetual existence
Tax flexibility
Deductible expenses
Initially, I thought that as I had so few assets, I should not be concerned. I was glad I was able to do a free consult with a lawyer who advised me to look into forming an LLC. (Ultimately, my planned business idea never panned out. So, I never went the incorporation/LLC route.) Hope this helps!
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