I have paid Google Play $25 registration fee for publishing app, with personal google account and personal credit card. I have NOT formed LLC, but decide to form LLC (only one member: myself). I would like to publish app via LLC, is there a way to transfer the account ownership to LLC? In other word, I want the potential app sale profit going to LLC, how should I do that? Maybe I also need a business account and new custom email for a new Google account? Thanks.
Mooncatt
Ambassador
- Feb 23, 2011
- 11,063
- 811
- 113
Is there a specific reason you are wanting to form an LLC? The usual reasons are either for litigation protections or tax benefits.
As a sole proprietor, you wouldn't get any litigation protections. That comes into play when you have multiple employees. That way if one of them screws up and causes problems, the lawyers only go after that employee and the company, but not you personally. If you are that employee, then they can still come after you personally.
For tax purposes, LLC's are taxed either as a sole proprietor or as a corporation. Corporations do have a potentially lower tax burden, but they have a lot more costs with the extra paperwork involved. Because of that, one of the financial experts in my industry won't even begin to look at forming a corporation until the owner in a single owner/employee operation is clearing about $65-70k annually after all expenses. Anything less than that and the tax savings are eaten up by the paperwork costs.
I can't help you with your direct question, but there's a lot of misconceptions out there about LLC's. If you don't have a real need for forming one, then I wouldn't bother going through the hassle.
As a sole proprietor, you wouldn't get any litigation protections. That comes into play when you have multiple employees. That way if one of them screws up and causes problems, the lawyers only go after that employee and the company, but not you personally. If you are that employee, then they can still come after you personally.
For tax purposes, LLC's are taxed either as a sole proprietor or as a corporation. Corporations do have a potentially lower tax burden, but they have a lot more costs with the extra paperwork involved. Because of that, one of the financial experts in my industry won't even begin to look at forming a corporation until the owner in a single owner/employee operation is clearing about $65-70k annually after all expenses. Anything less than that and the tax savings are eaten up by the paperwork costs.
I can't help you with your direct question, but there's a lot of misconceptions out there about LLC's. If you don't have a real need for forming one, then I wouldn't bother going through the hassle.
VAer
New member
- Mar 7, 2019
- 1
- 0
- 0
Mooncatt: are you sure that "wouldn't get any litigation protections"??? LLC is providing protection: https://info.legalzoom.com/ways-protect-liability-sole-proprietorship-22580.html
Similar threads
Facebook
Twitter
Instagram