Are you guys sole traders? Or registered businesses?

Discussion in 'New Casino Affiliates Questions' started by Gerry Casino, May 13, 2015.

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    Gerry Casino

    Gerry Casino New Member

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    Hi, I am starting out as a new affiliate but one thing I'm not 100% on is whether its best to go solo, register as a company etc. What do you guys do, if its not too nosey to ask? Registering is more expensive but allows me to email market a (small) database compliantly. Other than that, I'm not sure of any benefit at this stage.
    Thanks
     
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    KasinoKing

    KasinoKing Player turned affiliate.

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    I am a sole trader.
    (Though some people say I am an R-sole trader - whatever that means... :confused:)

    KK
     
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    Gerry Casino

    Gerry Casino New Member

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    Thanks KK. I think this is the prob best way to go, thanks.
     
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    RyanWeb

    RyanWeb Affiliate Guard Dog Member

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    I am in the US so i would guess it may be a lot different from where you are asking. But I am a sole proprietor.. I made the mistake of setting up a different business I run as a LLC and taxes where a nightmare. Not worth the time or the hassle. I will stick to sole proprietor for as long as I can with everything I do..
     
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    war10ck

    war10ck Affiliate Guard Dog Member

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    A sole proprietorship is attractive due to its simplicity.

    Have any affiliates out there ever been sued by a player?
     
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    edgarf76

    edgarf76 Affiliate Guard Dog Member

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    You may want to consult with an attorney and an accountant. Perhaps retain them for future consultations
     
    Last edited: May 14, 2015
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    TheGooner

    TheGooner Affiliate Guard Dog Member

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    Started as a sole trader - now a company.
    Costs are not high here - and there are benefits with corporate tax rates, reclaiming sales tax on domestic purchases, and other financial issues.

    But because it is new (for you) then there is a learning curve as to what to file and when to do it, so a good accountant is valuable.
    Cost us around $1500 per year - saves 10x, 20x, 30x that cost in correct filing and learning what to claim and how to do it.

    (eg. Cafeteria costs like coffee / biscuits etc are valid and legitimate costs for a profitable company, even with a home office setup.)
     
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    RyanWeb

    RyanWeb Affiliate Guard Dog Member

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    Life is full of risks.. So we try to minimize them as much as we can.. Having disclaimers on your sites may help.. Forming an LLC also may help ("However, there is a bit of untested gray area in my state about having an LLC that is just you. If you are doing work as part of the business, and you’re the only member of the business, and you cause damages, then was it really the business that caused the damages or you? It has been somewhat untested in the courts for my state, so the potential benefit remains to be seen.")

    Maybe an umbrella policy could also be a smart idea? Not only would it protect you in your business aspect, but in everyday life as well.

    That said, I am also interested in knowing if an affiliate has ever been sued by a player?

    Very much agree!
     
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    AussieDave

    AussieDave 17 years & still going!

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    If your just starting out, then a sole trader is best.
     
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    Biti

    Biti Active Member

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    To start as a sole trader is the best option. Once the business is running, it depends very much on the situation and the country you're living in.

    A sole trader is usually the option that is most flexible and with less administration. In many countries setting up something like an LTD means a bunch of administration. Usually, taxes are a bit lower. Key is a good accountant. That is costing something, but it saves you money bottom line. If not, look for a better one. Also moving a company to another country can be a hassle and expensive.

    I had to move after some time because a tax rate of bottom line over 50 % was rather frustrating me than motivating me. Even with all the opportunities to claim telephone costs, coffee, restaurant, a car, etc. Now I pay 6 - 10 % company profit to the private wallet.
     
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    BeginnerGambling

    BeginnerGambling New Member

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    Out of interest how long did it take you guys to get to a level of profitability where you thought it was best to register as a ltd company as opposed to Sole Trader? In all honesty I'd not really looked at that when thinking about setting up - I guess my main concern was creating a website then establishing a marketing method to bring traffic. Monetizing it was the final step! Once I've cracked that I really need to look at registering as a business....
     
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    Biti

    Biti Active Member

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    Few months, but that really depends on local rules, laws, the way the tax department controls, etc. It's also not just about the profitability of course. An LTD makes things in many countries less flexible.

    I agree with first things first, but always have a look at the future too. Looking back for me it would have been better to remain sole trader and make the move to another country as a sole trader to start up something there.
     
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    Frank

    Frank Affiliate Guard Dog Member

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    I found the opposite, it would be impossible to run my business without one, sole trader can only take you so far
     
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    TipAGambler

    TipAGambler New Member

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    I am a sole trader. Many countries have a max amount of deposit possible without lighting a red light or anything , that's in the aspect of rev and taxes. Atm I am still within that max amount so personally I am comfortable with that for now..
    I will cross that bridge when I get there .
    One interesting option , can be to place the money at an off shore account in a tax shelter state -this is also an option many countries use to make things easier for people making money off shore and don't want to get ripped with taxes, that way you can pay less taxes on money you save or plan to use for other business abroad..
    Either way I would advise you to check very carefully , with a professional to such thing in your country specifically , before making a move that it will be hard to undo..
     

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