Channel: Devon Crawford

Category: Education

Tags: incorporationgrowing on youtubebank accountstartup vlogaccountantstarting a companyhow much money youtuber makesstudentyoutube businesscorporationfinancial side of youtubetaxesthe business side of youtubeentrepreneurcorporationscomputer sciencemoneydevon crawfordstartuptax benefits of incorporationfinancial educationi started a company by accidentlawyer

Description: So.. I started my first company. I never used to consider this youtube thing a "real" business as I'm just a kid making videos in dark room (not so dark anymore). So I talked to some friends running startups and they gave me some really great feedback and hooked me up with legal professionals. I decided to incorporate because I realized what I've already been doing by paying myself as little as possible and saving the rest is exactly what a corporation is meant for (and there's some serious tax benefits with that). I wanted to be as transparent as possible in this video. I know its not the usual tech content but sometimes I wander off into some other interests such as business. I'm very excited to use the profits from this channel to their fullest potential, by reinvesting into videos and technology products. Thanks for watching my dudes. Legal consultation for this video provided by SM Legal (smlegal.ca) - not a sponsor, he just watched over the video and thought I should clarify a few things: "-Corporate revenue is taxed at 13%, not individual earnings. Once you take the money out of the corporation as either a dividend (share payout) or salary, you will still be taxed (at income rate for salary, at capital gains rate for dividend). -In your calculation at the end(20K), you may want to mention that the tax paid is before any dividend/salary payout -You may want to mention that for a corporation to be a financially better decision than earning as a sole-proprietor, most accountants say you need to be making at least between $30,000 - $40,000. This is because a corporation has more administrative costs (including a longer tax return, for which accountants usually charge more) so at under 30 - 40K, the tax savings are pretty much cancelled out by the more expensive admin" This content is for information purposes only. The content presented here is not legal advice. If you are looking to incorporate, speak with an accountant. Next Video: youtu.be/hLjht9uJWgw Previous Video: Social ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Website: devoncrawford.io Twitter: twitter.com/DevonCrawford13 Snapchat: snapchat.com/add/devoncrawfordyt Instagram: instagram.com/devoncrawford_ Github: github.com/devoncrawford Discord: discord.gg/sU2fur9 Patreon: patreon.com/devoncrawford Gear ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ - Video Editing Software (Premiere Pro CC): goo.gl/rKx66D - Keyboard (Velocifire TKL01) : amzn.to/2AQTjJQ - Webcam (Logitech C920): amzn.to/2Cw588c - Desk Microphone (Blue Yeti): amzn.to/2FPFmzi - DSLR (Canon T7i): amzn.to/2T54mpZ - Full list of gear: devoncrawford.io/gear Music ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ junyii. EP [2018] Link: soundcloud.com/chillchildren/junyii-ep-2018 spd. - heaven Link: soundcloud.com/spudmcqueen/heaven