Hi, good video. I think it should be made clear though, that nobody can just "go after" your assets/money without FIRST winning a court case and trial against you. This is a lengthy process where you will likely have an attorney and defend yourself. Only if you lose the case, and the judge sets an amount owed, can someone try and collect. Since the vast and overwhelming majority of self-published books make under a few thousand dollars, I'm not sure how this is worth the hassle. And if your books take off and make a lot, then as you say, those assets can be transferred to an LLC.
Excellent reminder here!! I see a lot of first time authors panic about needing an LLC and as you stated, it may not be necessary/ may not have any royalties to protect for a while
Yes, I have a playlist for all things marketing: th-cam.com/video/__5AZOzGNlY/w-d-xo.html As well as my Book Marketing for the First-Time Author book: 1mkwilliams.com/book-marketing-for-the-first-time-author/
I definitely don't earn enough from my books to do this, and I need to see if my state (Arizona) is one of the easier or harder states to do this in. But I'm curious, I always see people say wait until your book/business assets increase to do this, but if it also protects your personal assets from someone coming after your business (like the plagiarism accusation you mentioned) would it still be a good idea to do this sooner rather than later, just to make sure your personal assets are protected? Definitely will ask an accountant but curious if you've heard anything about this scenario.
Contrary to what a lot of people think, LLCs won't protect you for intentional torts, such as defamation, plagiarism, and violation of privacy. People are given a lot of misinformation about this. Therefore, if you commit an intentional tort in your writing, you can lose your personal assets in a lawsuit. Also, if you comingle your personal funds with the LLC funds, or if you don't adequately fund the LLC to cover potential outstanding debts, a plaintiff can pierce the corporate veil and still get your personal assets.
Since you started your LLC after you already had published books, and you transferred all the IP over to your LLC, were you liable for any of the time your books were under your personal ownership? Also, was the transfer of assets hard or easy? E.g., did you have to get new ISBNs, move books to a new KDP account, etc.? Thanks
I have a whole playlist of videos about the business side of being an author, you can check it out here: th-cam.com/video/2vPFqtw6W1Q/w-d-xo.html
3:06 Great analogy! LLC creates a wall of protection, congrats on your success!
Thank you!
Hi, good video. I think it should be made clear though, that nobody can just "go after" your assets/money without FIRST winning a court case and trial against you. This is a lengthy process where you will likely have an attorney and defend yourself. Only if you lose the case, and the judge sets an amount owed, can someone try and collect. Since the vast and overwhelming majority of self-published books make under a few thousand dollars, I'm not sure how this is worth the hassle. And if your books take off and make a lot, then as you say, those assets can be transferred to an LLC.
Excellent reminder here!! I see a lot of first time authors panic about needing an LLC and as you stated, it may not be necessary/ may not have any royalties to protect for a while
Thank you so much MK!!!
You're welcome!
I didn't even know what an LLC is!
I'm not sure what the equivalent term is in the UK
Hey MK Love the LLC info! Do you have a "How too" Marketing video? I really need to build my brand and market. Love to pick your brain!
Yes, I have a playlist for all things marketing: th-cam.com/video/__5AZOzGNlY/w-d-xo.html As well as my Book Marketing for the First-Time Author book: 1mkwilliams.com/book-marketing-for-the-first-time-author/
@@1MKWilliams I bought your first time author marketing book. Enjoying it now.
@CharlesStewart-s3o I'm so glad to hear that ! I hope you enjoy it and consider leaving a 5 star review
I definitely don't earn enough from my books to do this, and I need to see if my state (Arizona) is one of the easier or harder states to do this in. But I'm curious, I always see people say wait until your book/business assets increase to do this, but if it also protects your personal assets from someone coming after your business (like the plagiarism accusation you mentioned) would it still be a good idea to do this sooner rather than later, just to make sure your personal assets are protected? Definitely will ask an accountant but curious if you've heard anything about this scenario.
It depends on the value of those personal assets. Always ask an accountant! :)
Contrary to what a lot of people think, LLCs won't protect you for intentional torts, such as defamation, plagiarism, and violation of privacy. People are given a lot of misinformation about this. Therefore, if you commit an intentional tort in your writing, you can lose your personal assets in a lawsuit. Also, if you comingle your personal funds with the LLC funds, or if you don't adequately fund the LLC to cover potential outstanding debts, a plaintiff can pierce the corporate veil and still get your personal assets.
Very helpful add!! I would expect most U.S. based accountants wouldn't think about that unless they specialized in international aspects
Since you started your LLC after you already had published books, and you transferred all the IP over to your LLC, were you liable for any of the time your books were under your personal ownership? Also, was the transfer of assets hard or easy? E.g., did you have to get new ISBNs, move books to a new KDP account, etc.? Thanks
It was very easy to update Bowker to show the new ownership for the ISBNs and to sign a contract with myself the author to myself, the LLC owner
But I don't need an ISBN, right? Just kidding!
Hahahaha 😂🤣