Do i need to start a business?

UPDATED: Oct 1, 2022

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Do i need to start a business?

I would like to start a poetry magazine. Right
now it’s an online journal. I do Not wish to
sell either future magazines or access to the
journal..yet. my plan is to do this full time
one day. Which will require money, money i hope
will be purely donations. With that in mind,
what should my steps be or where can i find

Asked on July 15, 2018 under Business Law, Ohio


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Do you *need* to form a business entity? No--you can start the business as a "sole proprietorship" which means that *you* are the business and there is no legal distinction between you and the business and no separate business entity.
But should you form a business entity first? Yes. A business entity (an LLC or corporation) will protect you and your personal assets from the majority of potential business-related liability, such as if you breach some contract, defame someone, violate copyright, etc. Of the two forms, and LLC is superior to a corporation for most small businesses: it involves less paperwork, formalities, and reporting, and can be a more flexible structure. It is recommended that you form an LLC, then conduct the journal under it.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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