If you’re making money as a creator, at some point you’ve probably wondered: Do I need an LLC? When should I set one up? And what happens if my business grows, I move states, or I start another business?

In this episode of The Creator Money Show, Abby is joined by Tommy Thorburgh, President of Prime Corporate Services, to break down the LLC and business formation questions creators ask most.

They talk about when it makes sense to form an LLC, why separating business and personal finances matters, how an LLC can evolve into an S corporation for tax purposes, and what creators should think about if they move to another state. They also cover foreign entity filings, whether you may need multiple LLCs for different businesses, and why the right setup depends on your income, liability, location, and long-term goals.

If you’ve ever felt like you accidentally became a business owner and no one explained how to structure it correctly, this episode will help you understand what to consider and what questions to ask before setting up or changing your business.

Key Moments:

• Three things to think about when creating an LLC: privacy, tax benefits, and credibility

• Why $50K is the threshold for changing your LLC to an S-corp election

• Why tracking expenses matters more in October than April

• When it makes sense to have multiple LLCs

• Why your tax strategy should match long-term financial goals

• How foreign entity filings work when creators move

Chapters

0:00 Who is Tommy Thornburgh and Prime Corporate Services

04:01 What Is an LLC and Why Does It Matter?

6:49 When Should a Creator Start an LLC?

08:09 Why You Should Separate Business and Personal Money

11:59 Do You Need an LLC Before You’re Profitable?

16:19 What Happens to Your LLC If You Move States?

18:06 What Is a Foreign LLC Registration?

20:32 Should You Use LegalZoom or Hire a Professional?

23:47 Do You Need Multiple LLCs for Different Businesses?

27:01 How to Choose the Right Business Structure for Your Creator Business

Helpful Links:

• Connect with Prime for Free
• Prime on Instagram
• Monthly newsletter signup
• ⁠Visit my website⁠
• ⁠Follow on Instagram⁠
• ⁠Follow on TikTok⁠
• Follow on YouTube
• Follow on LinkedIn
  

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Disclosure:

Investment advisory services are offered through Creator Money, a DBA of Forefront Advisor Network, an Investment Adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The presence of this podcast shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons in another jurisdiction unless otherwise permitted by statute. FAN/FWP will not provide follow-up or individualized responses to consumers in a particular state when rendering personalized investment advice for compensation without first complying with jurisdiction requirements or pursuant to an applicable state exemption. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel before implementation. Investing in securities involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.