Here's some prerequisite reading for you, today.
Seven Signs That You're Not Ready to Publish. (Thanks to `
raspil for posting this link in a
journal.)
This is important reading. If you answer "doesn't apply to me" to all 7 questions, and feel you're ready, then it's time to put some money on that. Thousands of dollars. Let's start by spending some of that on
Incorporating Your Self-Publishing Business.Unfortunately, this will be pretty US-focused, since I'm not aware of international variations. In fact, laws vary even state-by-state. So, for the record, I live in North Carolina.
If you are going to self-publish, this step is highly recommended. First, establishing your operation as a limited-liability corporation (LLC) provides
some legal protection (say, if you get sued). It also makes your operation more professional. This is definitely a good thing. Readers may not care who the publisher is, but media outlets, reviewers, and such will - and you should want to make your best impression.
Of course, there are some drawbacks - namely cost. The filing fee in NC is $125, plus $200 per year to file the required annual report - not a grand sum by any means, but keep in mind NC is not the highest in the nation. In Texas, for instance, the filing fee is at least $300.
Steps to Take to Form an LLC:This is a good step-by-step general outline I found:
[link], walking through the basic steps establishing your publishing business.
As far as the legal end, I'll refer you to this site:
[link]Note: change "north-carolina" in the URL to your state of residence.
S-CorporationsAn LLC is not the only type of corporation. Another popular choice appears to be an S-corp. There are notable tax benefits to an S-corporation.
This post explains the different pretty well:
[link]Still Confused?Local resources may be more advantageous here. Don't forget your region's small business association. You may be able to find some help from them.
What I still need to find is a good reference on how to file taxes after establishing a business. I think LLC simplifies that (by just taxing all your money