Home – New Forums Starting your journey Website is growing fast – Next Steps?

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  • #995011
    ccastell88
    Participant
    • Total posts: 20
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    Hi Guys,

    Looking for advice regarding my current situation.

    I have a website/blog, with it’s the largest audience being the US (30,000 visits monthly+), then UK, India, and Australia.

    As the US is the biggest market, all the monetization such as ads, affiliate programs are US based companies. It receives checks (in USD) from US-based eCommerce companies such as Amazon, Best Buy, etc.

    Currently, i have not formed a business entity around the website, it’s mostly been a hobby.

    My next steps are to form a legal entity to protect myself legally, and make the company more legitimate. I also have US trademark over the domain name. However i live and reside in Australia.

    I’m not sure what to do, would i setup the business in Australia (since i live here, taxes are paid here) or should i setup a business in US using a service such as https://stripe.com/atlas Which allows you to incorporate a U.S. company, set up a U.S. bank account.

    OR both?

    The ultimate goal will be to sell the site.

    Any advice/suggestions on this or where i can go for expert advice around this topic would be very much appreciated!

    Thankyou,
    Chris

    #1199537
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
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    Hi And Welcome to the Forums. It is great to have you!

    Do you need an entity for on-going operations or for the sale?

    If you are going to sell now, you probably do not need to do anything except to sell the website.

    Cheers

    #1199538
    ccastell88
    Participant
    • Total posts: 20
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    Hi Paul,

    I need it for on-going operations/sales then eventually selling the site.

    Not looking to sell it now, maybe in 2-3 years.

    #1199539
    NickKaro
    Member
    • Total posts: 226
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    Hi Chris

    I assume to date all registrations, IP, etc. are registered to your personal name? Is income also sent to you personally. Whilst you may consider the venture a hobby to date, the ATO may view it differently, and if it considers it a business being run in your personal name, you will need to ensure you don’t trigger CGT by moving the business into a company. There are rollovers that postpone CGT if you transfer to an AU entity, but not to a US entity.

    If considering an AU structure, consider speaking to an AU accountant/lawyer (I’m happy to discuss – 0401 154 313 / [email protected]). If considering a US structure, you will need to speak to a US accountant/lawyer first regarding how the business will be taxed over there, particularly with central management and control in AU and subsequently speak to an AU accountant/lawyer to consider how profits are repatriated efficiently to AU if you will continue to be a tax resident here personally.

    Regards
    Nick

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