There have been a handful of topics on AskHN recently regarding starting an LLC [0], stripe atlas, banking for side-projects etc; that I have found helpful. I was curious to ask others how they handle new business setup for working on side-projects.
As I've worked on dozens of side-projects over the years it never seemed logical to open a new LLC and new bank account for each one. It made more sense to just build them as 'myself' and then if they ever started gaining traction/revenue to start exploring splitting it out into its own business/banks.
Now I fear that could create issues down the road for both liability and accounting purposes by having my personal self/banks attached to it even during a brief amount of time. What is the correct way to handle this?
One option I considered was starting an LLC/Bank for 'all side-projects', and then if/when a particular one started producing revenue I split it off into a separate business/bank. This I suppose adds a layer of liability and accounting complexity between my personal accounts, but I'm not sure if this solves the issue completely.
Any suggestions on proper way to handle?
[0] https://news.ycombinator.com/item?id=20009534
As I've worked on dozens of side-projects over the years it never seemed logical to open a new LLC and new bank account for each one. It made more sense to just build them as 'myself' and then if they ever started gaining traction/revenue to start exploring splitting it out into its own business/banks.
Now I fear that could create issues down the road for both liability and accounting purposes by having my personal self/banks attached to it even during a brief amount of time. What is the correct way to handle this?
One option I considered was starting an LLC/Bank for 'all side-projects', and then if/when a particular one started producing revenue I split it off into a separate business/bank. This I suppose adds a layer of liability and accounting complexity between my personal accounts, but I'm not sure if this solves the issue completely.
Any suggestions on proper way to handle?
[0] https://news.ycombinator.com/item?id=20009534