Home
Artists
Search Recent Random
Posts
Search DMs Popular Hash Lookup Tags Random
Importer
Import FAQ
Register
Partychan Telegram ThePornDude
Home Artists Posts Import Register

Growing the company, FOSS vs Proprietary and Ideas for the future - Patroncast S02E18 (Patreon)

Published:
2022-05-09 08:39:48
Imported:
2024-03
Tags:

Downloads

Content

Hey everyone,


I hope you're doing well on this sunny morning (at least it's morning, and it's sunny where I live)! Here is episode 18 of the patroncast!


In this one, I talk about:

00:57 Turning my one man operation into a real company: I don't really want to do it, but I might have to

11:52 Should we bring proprietary apps to Linux to try and bring more people over, or should we try to preserve the FOSS values of Linux?

18:09 Ideas for things I can do with my free time once I'm only doing youtube


I hope you enjoy this episode, don't hesitate to tell me what you think in the comments, about any and all of these topics :)

Best,

Nick



Comments

Anonymous

You've used "deduce" a lot where I think you mean "deduct", though "deduct" is more American.

Emil Johansen

(OHAI enter key. The deleted comment is just my still getting used to the swapping of it and my shift key in that cluster) Re: Company structure: What can be deducted and not varies heavily between countries, but at least inside the EU the other structure considerations are somewhat comparable. When I was soloing it my primary reasons for picking a structure with a separately taxed company were: avoiding unnecessarily pushing up my total taxed income, steady and simplify both my personal taxes and company finances. Essentially I kept my implementation to the notion that the company was an entity which employed me and I also happened to own. That meant every month I would have the company pay me a fixed salary (which would then be income taxable) and keep the rest in the company. Any company expense would then of-course come out of the company account rather than my personal one. At the end of the year taxes (extremely simplified looked something like this): - Personal taxes: Monthly salary * 12 * tax% - Company taxes: (Company income - monthly salary * 12 - company expenses) * tax% As you will have spotted by now, this comes out to significantly less tax than the scariest scenarios you mention. Simplified, companies are taxed on profit - not income. That means, simplified, if the company spends every øre it makes in a year, its taxes come out to a fat zero. And if if spends more than it makes in a year, it can even be eligible for a tax refund/rebate/support (again, super simplified, subject to reality etc.). This is how companies like Activision/Blizzard manage to receive massive government welfare checks in the US by reporting gigantic yearly deficits there. Anyway, you don't have the budgets for accountants that good, so let's leave the swindling to the professionals. The scenario you mention of having money taxed first with the company tax rate and then with your personal tax rate _is_ possible in a year where the company operates at a deficit - meaning your salary comes out of the already taxed surplus on the company accounts. But remember that in this scenario that likely means tax refunds/rebates/support/whatever. And regardless, if you had a deficit year a little bit of tax juggling like that is probably the least of your worries. Concretely in one company we operated at a deficit for quite a while, which meant we ended up just not paying company taxes for a period when we started taking profits - given all the tax rebate we had built up. This should also help explain some of the reasons for companies tending to make more purchases towards the end of their tax year - reducing the profits they could otherwise be taxed on. I hope the above can help shed some light on the otherwise seemingly mad proposition the system seemed to have thrown at you, but as mentioned back when you started talking about not doing the product juggling thing full time: Get an accountant. Also that business assist setup sounds great. Go. And your banker too - why not. Get all of the datas!

thelinuxexperiment
>>84418726

Yeah, an accountant is definitely the priority to see how things can look. Having a separate company that employs me would absolutely be the best scenario in my mind, as that would greatly simplify things in my mind, at least :)