Switching my DevEx to go into an LLC bank account, need help answering some questions

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#1

I’ve decided to switch my DevEx to go to a recently established LLC instead of my personal bank account, since I have a developer co-working on my game, I couldn’t do the payment over ROBLOX due to the 30% marketplace fee, and would Zelle him instead.
That being said, was complicated to account for taxes, and just unprofessional. I have decided to establish an LLC for this game and future ones, and I’m sure I could use this LLC for other ventures in the real-life future.

I’m sure quite a few of my developers have taken this route before too, which is why I need to ask a few questions to make sure I’m doing this right when I edit my Tipalti portal:

  1. Just to make sure, I switch this from “individual” to “company,” right?
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  2. Under the “Payment Method,” I don’t need to do anything other than just enter the new account information, correct?
  3. What tax form do I need to submit now that I want to switch to an LLC?
1 Like
#2

Yes, make sure to also update the information like address and tax stuff to your LLC’s information.

Yea, make sure to double-check Tipalti too in case you put in your info accidentally too lol

That’s probably going to be something related to business tax. I personally am not sure. I do recommend consulting with an accountant on that one.

#3

Luckily, my mother is accountant. How will my tax bracket change as an LLC? I’ve always heard people saying that it’s cheaper/lower than filing as an individual, but aren’t corporate taxes supposed to go up under President Biden?

#4

That depends on the state you are. You should ask your mother about it.