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Wait until you earn $2000, and then talk to an accountant, who will explain the tax stuff. Forget about patents and trademarks. Good luck!
Earlier quoted context omitted.
Thanks for the advice. I think I'm going to hold off on actually making a service and consider doing something like Kickstarter. I want to see if I can get some funds to put together a better product and get a sense of the market / interest level. Are there any protective steps I should take before doing that? I mean stuff like licenses / patents / trademarks / company formation etc.
One reason you incorporate or patent or trademark is to protect your capital (money) from taxes and lawsuits. If I understand you correctly, you currently have very little capital to protect. Once you've accumulated enough capital that it'd be painful to loose it, it's time to start thinking of protecting it with patents, trademarks, incorporation, etc. For now, just have fun.
2. Holding off on a trademark would be fine, though finding a unique name _should_ (IMHO) be done at the start, and at that point I'm not seeing a big reason not to trademark.
3. The stuff on patents makes no sense (at least to me) in this context.
That said, I claim no particular expertise on this topic.
Wait until you earn $2000, and then talk to an accountant, who will explain the tax stuff. Forget about patents and trademarks. Good luck!
Are you telling me that, wherever you're based (I assume the US) you can just wait until you earn $2000 and then start worrying about taxes?
Just use Bitcoin. If you don't know how to, then just use BitPay, which today has announced a free forever plan, so it's a no-brainer.
Wait until you earn $2000, and then talk to an accountant, who will explain the tax stuff. Forget about patents and trademarks. Good luck!
Wait. Are you telling me that, wherever you're based (I assume the US) you can just wait until you earn $2000 and then start worrying about taxes?
And that dollar amount - you'd just pay ordinary income on it -- because it's not worth the hassle of setting up a business structure. So set aside some money from your sales to pay the taxman.
Just use Bitcoin. If you don't know how to, then just use BitPay, which today has announced a free forever plan, so it's a no-brainer.
Man, people are really butthurt with bitcoin around here. You gave him the best answer of all and all you got was downvotes and a sympathy comment from me... ;)
Earlier quoted context omitted.
Wait. Are you telling me that, wherever you're based (I assume the US) you can just wait until you earn $2000 and then start worrying about taxes?
No, until that point you're not sure if you have a business service that people are willing to pay for. And that dollar amount - you'd just pay ordinary income on it -- because it's not worth the hassle of setting up a business structure. So set aside some money from your sales to pay the taxman.
Talk to an accountant, or at least find the local equivalent of a small business service center in your area. Small businesses are the backbone of the economy and most major cities and states or provinces (depending on country) have folks you can contact to get basic guidance in this area.