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Tom Seest

December 12, 2023

Can You Legally Incorporate an Online Games Coaching Business?

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Start Your Online Games Coaching Business: Legal Steps to Incorporate

By Tom Seest

Can You Legally Incorporate an Online Games Coaching Business?

At HowDoYouGame, we help people learn everything about games by collating information and news about games.

Before beginning a coaching business, it is essential to do some legal research. Doing this will safeguard you from any potential legal issues and give your clients peace of mind that you have done your due diligence.
Additionally, this will safeguard your personal assets against any liabilities resulting from your coaching activities.

Can You Legally Incorporate an Online Games Coaching Business?

Can You Legally Incorporate an Online Games Coaching Business?

Ready to Launch Your Online Games Coaching Business? Start Here!

Video game coaching has seen a meteoric rise in recent years. Whether offered by specialized platforms, esports professionals, or streamers, one-on-one sessions can be highly profitable businesses. A recent article in The Wall Street Journal featured a company called GamerCoach that was fielding more than ten applications daily from people eager to pick up an exciting new skill.
Before you can legally offer your services, however, you must become legally incorporated. This requires registering a “Doing Business As” (DBA) name with your local jurisdiction by filling out an easy-to-follow form and paying an affordable registration fee. It’s wise to purchase business insurance for your new venture, which can protect you financially in case something unfortunate should arise. Be sure to find the most suitable policy that fits both your budget and lifestyle. Which route you take will likely depend on your risk tolerance and available time for the venture. As a general guideline, aim to spend at least as much energy marketing your business and gaining new clients as you do actually doing the work.

Ready to Launch Your Online Games Coaching Business? Start Here!

Ready to Launch Your Online Games Coaching Business? Start Here!

Do I Need a Business License to Legally Incorporate My Online Games Coaching Business?

When starting a business, there are numerous considerations to make. You’ll need to determine how to register the entity, what legal structure best suits your needs, and what kind of insurance to purchase – but one of the most essential steps is obtaining all necessary licenses and permits in order to operate effectively.
A business license is a tax registration certificate issued by a local government agency that grants legal permission to conduct your business within that city or county. While not the only license or permit you need, it often serves as the first one most businesses obtain.
For further details about obtaining a business license, you can consult the Small Business Administration’s website. It contains links to state business license offices and should provide all pertinent licenses and permits that apply to your particular operation.
In addition to a business license, you will require a seller’s permit if you plan on selling merchandise. This is especially essential if you plan on offering coaching books, t-shirts, or other taxable items like nutritional products and gym equipment for sale.
Selecting a legal structure for your online games coaching business can determine how you operate, what liability protections are provided, and how much taxation is due. There are various options, from forming a sole proprietorship to incorporating an LLC or corporation. Whichever option you opt for, hiring experienced accountants and attorneys to assist in setting up the business is recommended; they make the process of getting a business license easier while helping avoid common errors.

Do I Need a Business License to Legally Incorporate My Online Games Coaching Business?

Do I Need a Business License to Legally Incorporate My Online Games Coaching Business?

Ready to Get Your Tax ID? Here’s What to Do

Video game coaching has seen a meteoric rise in recent years due to the rising popularity of esports. Major websites like LegionFarm, GamerSensei, and ProGuides provide players with coaches who specialize in specific gaming titles or esports tournaments.
If you’re thinking of starting an online games coaching business, the first step is determining the ideal structure for your requirements. If unsure, consulting a local accountant or attorney may help you decide on the most suitable structure and guide you through registration procedures.
Incorporating your business is a legal process that involves filing paperwork and paying a fee to the state government. The advantages of incorporation include legal protection and the ability to deduct startup expenses from taxes. Plus, it may be less expensive than operating as a sole proprietorship. However, LLCs often need license or franchise taxes from your state – so only consider forming an LLC if you feel comfortable with all associated costs and legal requirements.

Ready to Get Your Tax ID? Here's What to Do

Ready to Get Your Tax ID? Here’s What to Do

Are You Ready to Insure Your Online Games Coaching Business?

Business insurance policies are essential for all companies, regardless of size. They protect you from costly business interruptions, property damage, cyber breaches, and more. Gaming businesses, in particular, often face unique risks that necessitate additional safeguards; many times, specialist insurers provide policies tailored to these needs. Nowadays, it’s easier and more affordable than ever before to obtain business coverage for your gaming venture.
In most states, you’ll need to form a limited liability company (LLC) for your online games coaching business. This is an advantageous choice since it provides legal protection, so you don’t need to worry about getting sued by clients or third parties. Furthermore, an LLC is more tax-efficient than running a sole proprietorship and less susceptible to lawsuits from clients or others.
Consider investing in a workers’ compensation policy for your employees. This is required by most states and covers any employee injuries that occur while working at your business. Especially if you have employees who spend a lot of time typing on computers, alternatively, you could go with general business insurance, which covers various risks.

Are You Ready to Insure Your Online Games Coaching Business?

Are You Ready to Insure Your Online Games Coaching Business?

Ready to Open a Business Bank Account for Your Online Games Coaching Business?

A business bank account is an ideal way to keep your personal and business finances separate. Not only does it protect you financially, but it makes tax time simpler as well. Plus, with it, you can track expenses more easily and plan your budget more effectively.
Establishing a business bank account is the initial step to take for your company’s needs. Different banks offer various services, fees, and amenities tailored to businesses; thus, it’s essential that you pick one that meets all of your requirements.
Once you identify the ideal bank, it is essential to complete an application and supply all necessary documents. You will need a business name, tax identification number, and other pertinent details about your venture.
Another essential consideration when choosing a bank is whether they offer online banking. This can save time, money, and stress since you can manage your finances from any device with an internet connection.
When opening a business account, it is wise to obtain an Employer Identification Number (EIN). You may not require this if you are operating as either a sole proprietor or solopreneur, but if your entity is organized as either an LLC or corporation, having this number is essential for tax identification purposes.
Overdrafts, which are a frequent issue for small business owners, can be avoided with merchant services from some banks. Plus, some banks provide merchant solutions so you can accept credit cards from customers.
Check to see if your bank offers any introductory offers to attract new customers. These could include bonus cash for opening an account and maintaining a certain balance or lower fees for business owners who open their accounts early.

Ready to Open a Business Bank Account for Your Online Games Coaching Business?

Ready to Open a Business Bank Account for Your Online Games Coaching Business?

Be sure to read and share our other related stories at HowDoYouGame to learn more about how to game.


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