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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 41220
Experience:  Run my own successful business/contract law practice.
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This year, I have spent several thousand dollars accumulating

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This year, I have spent several thousand dollars accumulating a video archive of the public speaking presentations made by a leading autism advocate. Our agreement is to formalize our relationship through a business that will monetize these video assets through post-production work and Internet distribution.
What are the best options for choice of business type?
Must the business be established in this fiscal year in order for me to recoup my out-of-pocket expenses?
Must the business show income in this fiscal year in order for me to recoup my out-of-pocket expenses?
Thank you for your question.

I have reviewed your situation and will try to provide you some basic information that may help you narrow your search.

What are the best options for choice of business type?
Likely looking at an LLC or an LLP is the wisest option. Both provided limited liability and permit you to pass through your profits (if any) on your personal income rather than pay corporate income tax.

Must the business be established in this fiscal year in order for me to recoup my out-of-pocket expenses?
No, those expenses can be recouped later.

Must the business show income in this fiscal year in order for me to recoup my out-of-pocket expenses?
Absolutely not. A business does not have to show any income before expenses are recouped. Since out-of-pocket expenses are technically a loan against the business, they can come out first when the business is not yet profitable.

Good luck.
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