A Publisher's Conversation with Authors: What Must an Author Know to Set Up Writing As a Business?
It is Tuesday. Monday's madness is over, and Wednesday will take us over the hump, so Tuesday it is--for some serious discussion with authors. Tuesday talks mean to address authors in waiting and self-published authors who would like to go a more traditional route or who would at least like to take their steps with a publisher by their side. Following on from last week's conversation about whether or not an author should set up himself or herself as a business, if you have decided to do it, you might take into account the following steps/actions: 1. Choose a Business Structure Your business structure affects your taxes, liability, and how you operate. The main options include: Sole Proprietorship – The simplest setup. You and your business are the same entity, meaning no separate legal protection. You report income on your personal tax return (Schedule C). Limited Liability Company (LLC) – Offers liability protection, meaning your personal assets are separate from your busin...