Today in The “Working” Voice Actor room, it was time to talk about business entities. What are the pros and cons of being a sole proprietor? What’s the best and worst about registering as an LLC? And how about an S Corp, is that the best move?
George starts off the conversation highly recommending the book Voice Over LEGAL by Robert J. Sciglimpaglia Jr., which goes over these categories in detail. And I should make the disclaimer that none of what was discussed today (and available on the replay) should be considered legal advice.
Talk to a lawyer and/or an accountant to figure out what’s best for YOUR situation. Fees, laws, details vary from state to state, so it’s best to get personalized advice. For example, forming an LLC in California is going to set you back around $800 each year! Other states mentioned, like Washington ($60) and New Jersey ($75), make owning an LLC much more affordable.
And in my personal experience, I want to give a shout out to my local branch of the Small Business Administration, who were so helpful in getting me registered and set up. In addition to free personalized help, my branch also offers free webinars on all kinds of topics that are important to small business owners like ourselves. So check out sba.gov and connect with your local branch — see what they have to offer.
In addition to these different business entities, the discussion also covered notes that people add to contracts and invoices to protect themselves, and some people shared stories about clients that won’t pay. Today’s talk is a lot to summarize, so I’m going to suggest the replay function on Clubhouse if you want to learn more.
And, our hosts asked for suggestions for The “Working” Voice Actor’s official Clubhouse name….preferably something with the word waffle in it…. Get in touch with George, Roshelle, or Megan with your ideas!
Thank you to George, Roshelle, and Megan for organizing this space, and thanks to everyone who contributed to the discussion! I’m looking forward to the next one, and I hope to see you there: Fridays on Clubhouse at 9am PST/noon EST.