Registered Businesses???

#1 I plan to look into registration very soon. I'm not sure how it works in PA so I'll have to call someone. I just don't want to be giving the government money if I'm not making any yet.

#2 nick, you could file for bank ruptsy (sp??? sorry I am argentinian) and then the government would give you money through the social security :P

but that would be very mean

#3 For hobbiests there really isn't a point to register a buisness considering no income is coming in at the moment and paying large fees to be registered as a buisness is somewhat a waste of money.

It is when you are ready to approch investors or publishers(or in some cases government funded projects such as the Canadian multimedia fund) you will need a buisness.

#4 Im not sure if registering a business is the same as obtaining a business license, but I was under the impression that in the US a bus. lic. is all you need to do business (apart from structuring your business legally into a corporation or LLC, etc.). I know that in my state business licenses are not expensive, maybe 40 bucks to start off. Its actually a rather sneaky way to tax businesses though, as the fees are based on a percentage of revenue. They call it a license, but its actually a tax...

#5 If I were you, do NOT file for bankruptcy. In most countries/states/provinces, if you are under a certain age they can take everything from your parents also. If you file bankruptcy after taking a loan, they are able to take everything you own including your house, computer, car, clothes. Until they are satisfied, they own you. This is not only with loan sharks but with VC (venture capitalists). i hope this helps.

Thanks,
Brock
Silverlime Studios

#6 We incorporated my wife's company (Softcopy, Inc.) not long ago b/c we were both doing various contract work. Dragon Lair Studios (my game development "company") is currently a division of Sofcopy, Inc. Later on down the road we plan to incorporate Dragon Lair Studios (when we have more money). York County (in South Carolina) doesn't require business licenses so we don't have one. As a corporation, if our company declares bankruptcy all of the company assets will be liquidated to pay off the debts but our personal assets are protected. I believe a LLC (Limited Liability Company) is similar but w/o complete protection of your personal assets.

#7 I already have a business liscense setup, but I did this for the freelance Multimedia work that I do and not for garagegames itself (though I likely will end up using it with the production).

There are a lot of benefits for creating a business, such as legal crap, what your liable for if people sue, copyright, tax write-offs, and dealer cost on computer parts.

Logan

#8 I incorporated Awing Software, LLC in April. I didn't get an S-Corp or anything like that because I just basically wanted the "wall" that the business gives me. If I had to do something like declare bankrupcy, then the company would be liable, not myself. Limited Liability Companies offer personal protection. I wouldn't have to give up anything that I personally owned if something went bad (someone sued the company, etc.). I haven't *sold* anything yet, but it was only $110 to incorporate so I went ahead and did so. I do not yet have any retail or business licenses for the city I'm in, so I'm not "giving away" money in that area yet. I think the only types of business that don't offer some sort of personal protection are companies like Sole Proprieterships, but I could be wrong.

Ryan J. Parker
rjp@awingsoftware.com

#9 We set up as an S-corp when we first started coding, that would be...1.5 yrs now? Doesn't cost all that much to set up, plus a few $100/yr in taxes and accounting fees, etc. But we get deduct business expenses. And someday, maybe we'll actually sell something ;)

Hey Nick, we're in PA too (Philly). Where are you located?

Jason
379

#10 Deleted.

#11 Oh my goodness someone from South Carolina! This makes me happy. =) I live over in Cherokee County, know where that is Matthew?

-m0rphic

P.S. Sorry for the offtopic post. To add a little relevance I'm researching obtaining a business license so that I can evaluate the LithTech engine since it's supposed to be only for 'legit' corporations.. I don't know if they would take any action if I signed the NDA without a real company though. Oh well. =)

#12 im from south carolina too, charleston county. seems like the last state you'd find gg posters living in, huh?

#13 Jeff,

You're in Charleston too? I figured I was the only one ;-). What part of Charleston? I'm in North Chucktown....

Ryan J. Parker
rjp@awingsoftware.com

#14 Up to 5 GGers in SC so far =) Amazing!

#15 yeah i wanna start my own buisness but i dont wanna go to tafe to get a degree in it(i'd rather stay home and work on my mapping skills) so im gonna be looking around on the web for help, what book is it that your reading?

#16 Jason, I'm in Butler, its about 30 minutes north of pittsburgh.

#17 Hi guys, no one from Freeform has visited this forum in a while. We're working on a Lithtech game while waiting for V12. Just a FYI, Freeform Interactive LLC is a registered company in California. :)