NoBusinessBrains
03-26-2013, 04:06 AM
I'm from the US. I recently entered and help develop a project with a decent amount of potential to offer a better pay day than I've ever seen personally.
So I entered an agreement to 10% of the profit. After distributors take anywhere from 5-30% (mattering on the distributor), I get 10% of what's left.
I'm not considered an employee. I'm a freelancer and if the company becomes successful there's a good chance at some later date I'd become and employee and move there. The company is based in the UK, London.
I don't know crap about taxes. I don't know crap about profit share (just have my contract and a good lawyer who loved it). Profits are defined by any amount of money this product makes (meaning as far as I know they can't lower my money, therefore profits, to pay for a new office and whatnot and also they worry about their taxes AFTER I get the 10%).
Basically, I don't know what to expect tax wise. I've been told I should consider starting a business to save on taxes and stuff. But I'm clueless. And honestly, very poor atm because I'm working free until the profits come in so I can't exactly afford to go to an accountant or business person right now to ask myself (I'm lucky enough to be related to a lawyer who does stuff for free on that end).
Any help?
So I entered an agreement to 10% of the profit. After distributors take anywhere from 5-30% (mattering on the distributor), I get 10% of what's left.
I'm not considered an employee. I'm a freelancer and if the company becomes successful there's a good chance at some later date I'd become and employee and move there. The company is based in the UK, London.
I don't know crap about taxes. I don't know crap about profit share (just have my contract and a good lawyer who loved it). Profits are defined by any amount of money this product makes (meaning as far as I know they can't lower my money, therefore profits, to pay for a new office and whatnot and also they worry about their taxes AFTER I get the 10%).
Basically, I don't know what to expect tax wise. I've been told I should consider starting a business to save on taxes and stuff. But I'm clueless. And honestly, very poor atm because I'm working free until the profits come in so I can't exactly afford to go to an accountant or business person right now to ask myself (I'm lucky enough to be related to a lawyer who does stuff for free on that end).
Any help?