Happy Thanksgiving week guys :) Does anyone have an LLC? If so what is it! ► Learn how to make money from your indie games (free webinar): www.fulltimegamedev.com/opt-in-how-to-make-six-figures ► Enroll in my 3D workshop, free!: www.fulltimegamedev.com/opt-in-15-minute-3D-game ► Make your game instantly beautiful with my free workbook: www.fulltimegamedev.com/opt-in-instant-beauty-color-workbook ► Get my 2D game kit, free: www.fulltimegamedev.com/opt-in-2D-game-kit ► Join my 2D character workshop, free: www.fulltimegamedev.com/opt-in-2d-character-art-workshop ► Wishlist Twisted Tower: store.steampowered.com/app/1575990/Twisted_Tower/ ► Learn how to make money as a RUclipsr: www.fulltimegamedev.com/opt-in-indie-game-income-workshop
EsperVisions LLC - www.espervisions.com Thank you for all of your guidance Thomas. Any aspiring Game Devs who haven't signed up for your course yet are really missing out. ^^
@@Jennifer-ju8de lmao, you say that under the bold assumption that I plan to ride on indie game dev as a full time job exclusively, which is not the case. You are clearly salty about something if you're saying all that as a reply to my initial statement. I've got no reason to thank you but A+ for the effort
I was watching the video right when he said and I quote “ guys this is where things get complicated I’m not gonna lie “. Not even 1 second later an ad popped up said an LLC doesn’t have to be just type in LLC Tailor Brands. Man I was dead as hell perfect timing.
for all germans! this is not what you should do right away when you start out as a small dev. An LLC has benefits but if you don't make more than 25k a year, there are only disadvantages in relation to taxation. You will however transition to a GmbH (LLC) when you get more than 50k euros in your first year. For example, I'm a small time student dev and only make about 6k euros a year as a job on the side, so I registered a company as a "kleinunterner" so that I don't have to pay taxes when I'm below about 9400 euros.
This is exactly the case why i disliked this video he does not even mention that his advices are for a specific country and not aplicable everywhere in the world
This was exactly the I needed because I am completely in the dark about this stuff! You always give amazing info! Thank you so very much and keep it up!!!
Great video as always! I think there's a lot of confusion with folks around business expenses though. If you're an LLC or a sole proprietor, right now the standard deduction is $12,400. That's basically just a catchall expense that the government assumes you have. BUT, if you claim the standard deduction, you can not claim any other expenses; you have to pick one. So unless you're spending more than $12,400, your expenses won't impact your taxes.
You should share how you got a name for your studio. I think its very interesting hearing about how people come up with names and other things like that
Hii Jonathan, I know your question is directed to Thomas but I'd love to answer how I came up with our studio's name. We recently started a studio called The Nth Element. I started the studio as a Graphic Design studio with plans to later expand it into a Game Studio. I wanted to leave my own mark in the name so I used my initials to come up with "Nth" and I realised it's also a mathematical term that signifies infinite which perfectly aligned with the idea of unlimited potential and creativity with a element of something special, which lead to The Nth Element.
I made my business an LLC because you said that was a good idea in your Game Dev course :) I’ve been a sole proprietorship for years. But it’s officially Studio Hannah LLC now!
I currently have four LLC businesses. An Information Services Company that deals with Data Collections, Data Storage, Data Research, Data Modeling, Data Development and Data Distribution. The second is a Device Manufacturing and Retail Company where I build phones, tablets, PCs and Smart Media Centers and Smart TVs. The third is a Technical Support Company, which was my first and started as a DBA back in 2003, where I do IT Field Technician work such as technical Installations, Hardware Repairs, Network and Server Support. My forth business is just the mother company of the other three. I am now looking to start a fifth company specifically for game dev!
serious question: are your taxes crazy complicated. That's the biggest worry about all of this stuff--getting burned in taxes even if I didn't make any money.
For my business I had to get an llc. Easiest thing ever. You literally just sign up for it on a government website and I paid $125.00 had paper work in less than a week. Edit: just noticed you were talking about North Carolina. I’m in South Carolina. Pretty sure the process is identical in both states.
I was hoping for conversations about music licensing, copyright and trademark issues/gotchas with your art and IP, etc. What do you would do if someone says you copied their proprietary algorithmic surprise mechanic by having new gun as an in-game purchasable item? Stuff like that.
Well in all actuality if someone does try to tell you stolen IP etc they have to prove that in a court of law and its time to get a lawyer. Those type of suits are rare however as you can imagine it goes 2 ways. Literally you ripped off part of a song, took their 3d model without correct license, didnt hold up your end etc etc etc, or you did not. That sort of a case is only going to come up and go to court if you are in the wrong. Music (played professionally for years) is inherently the creators IP. Do not take anyones music without permission. Same goes with anything else you snag for your Games.
@@BuffaloMuff "only going to come up and go to court if you are in the wrong. " that's what you go to court to prove/disprove. You can most definitely go to court when you are in the right, and spend large sums of money trying to defend yourself. In the US, most smaller companies can't afford that, so will often just pay w/e the large company is demanding (i.e. a settlement) which is somewhere between what your legal fees would have been (i.e. you take the smaller cost of going vs not going to court) and the potential revenue the large company hopes to make (minus their legal costs). If your game doesnt make much money, you're *probably* fine as there's not much incentive for the larger company to go after you. If your super successful though you'll likely have things come up that have nothing to do with your game. tldr; its a fucking mess and does not work in any way like it should.
@@BuffaloMuff or.. there are the people/companies who sue absolutely everyone in hopes that people will give them a slice to avoid longer and more costly lawsuits..
I ran my business through an s-corp. I don't know if a video game studio would be well structured under that arrangement but it was certainly advantageous for my trade - my accountant was invaluable in this endeavor.
Im pretty late to the video, would it be better to start an LLC then create games or should I have some games created then create an LLC then publish the games?
Hey thomas i signed up in the full game dev and i didn't receive the 2d ge kit but thanks on video you and your games are my number 1 inspiration for making games you inspired to make a steam game so thanks
There's something wild about the fact that he evolved from babyface dad to "I should be fronting a post hardcore band" I just thought it would be cool to notice. Keep teaching me post hardcore game design dad!
Umm if you pay yourself a salary as an LLC if you file it as an scorp you can write it off your business taxes because your salary gets taxed personally on you own tax return instead. If you are running it as like a sole proprietorship it's referred as a draw rather then a salary. Which is where the tax gets changed between the 2 since it regards the draw as just pulling out your own money rather then the business being its own being.
Keep in mind that all this legal stuff varies from country to country and sometimes county to county, so it's best to talk to a lawyer and/or a financial advisor who knows this stuff for where you live.
Pretty Informative stuff I haven’t even started but I’m looking forward to learning how to create games and gotta say you comedy cracks me up hits me right in the funny bone thanks for the videos
I'm learning game dev and this kinda stuff is like seriously appreciated as I am not familiar with the like business side of... Well anything really 😂 really helps me realize I need to do my research and start learning a lot more!
As a German seeing that you can start a LLC on a website.. 🤣 we're sooo far away from that here. You have to walk to at least 5 different government offices and fill out documents and need a notary contract which will cost you at least 500 bucks. I'm jealous 😭
For folks in the U.S., the Small Business Administration and SCORE are great resources. The SBA has a lot of resources to help you understand the business side of... starting a business, and SCORE can pair you up with a local mentor to help guide you through getting set up, marketing your product, etc. It's all free resources through the Federal government.
So, just curious, I have been a street dev. for the past 2 years (to elaborate....I have been homeless and developing a game in UE4 on a laptop @ the library and Starbucks. I store my stuff in public storage and do not have a home or apt. etc. After listening to much on Indie Game Dev, if definitely seems important to have an actual business setup, for various reasons, amongst others to protect my IP, assets etc.? Is it possible to do ths without a physical address?...or by using a the USPS General Mail Delivery address (it's how us non-physical address types get mail...caue you need a physical address to get a P.O. Box...) BTW - Thomas, you're awesome man...you from the Midwest? Your demeanor is amazing, the vids you do are so great and inspiring! Thank you...for being awesome! ;)
Keep your head up i was there too.making my game with no where to sleep.. I know how it goes.. Get u a place to live first... Then you'll be able to focus and get way more done without no worries unless your difFirent and are able to somehow push through without.... Much love my friend
@@GRIZZLY12345 Well, honestly, I would rather live on the streets off of $2400 a year and have 12 hours a day 7 days a week to work in UE4. Getting a place to stay typically means working 8 hours a day to barely get by, sleeping 6, traveling 2, being exhausted and having very little time to work in UE4. I ended up getting a job as a night auditor in Breckenridge, CO. So...now I snowboard on good powder days (for free), and work on projects during downtime at night or on days off. I have $8400 saved up, so it's tempting t ogo back to the streets for a couple more years and have more time lol. Thanks man, encouragement is nice!
I want to start an independent gaming studio, and already have an LLC to use, how much does it cost to start a team? I want to make RPG and MOBA games on Unreal Engine 5
I have many games story i have written and concepts of my own to make gaming more enjoyable but need the funds to start out and the how to do the setup of an online base gaming site to sell my work having one good programmer and map making working with me but need a way to put this all together can you help in this type dream of mine by giving me some good pointer where to start out and get it going.
This is perfect Thomas thank you. A great starting point for my research into this topic before I actually make any money. (Real money not a few hundred pounds) Cheers
Any tips on how to transfer the LLC's income to another country? Is there any best way or is it case-based? I plan on opening a LLC in the US to receive money from steam sales but I don't know how to bring the money to South America afterwards. Thanks
In some countries you can gain money through small business, even without starting a company, to a certain maximum in a year before you have to pay VAT.
Question! What about creating your LLC before you start making money in order to funnel development expenses through? Most of us will be running a deficit before we release (art, music, etc.), so should you create your LLC early and, if so, what does that do to things like paying taxes?
From what my stepdad has warned me about (he's a full bird in the army, and has handled a lot of legal stuff on their end.), he more or less told me to wait until you hit a certain amount of revenue made from your game before thinking about opening it. Its the same thing as say a twitch streamer, if they don't make past a certain amount its not taxable. However if you are a company everything is taxable. TL;DR wait it out and see how much you earn since it only takes 30 days for it to be approved.
I am not an accountant, but from what I've gathered in looking into this same topic, unless you're funneling a good chunk of change through the game company, it's not going to make a difference. The current standard deduction is 12,400 dollars. Unless you're spending more than that, you won't be itemizing your expenses so your tax burden should remain unchanged. I don't know your specific circumstances though, so do please have a quick consultation with an accountant (they can be cheap/free for your first visit with them a lot of times)
Guy could’ve been making top 10 videos for cheap views and use his time making games, but instead he takes the time to create incredibly useful well researched instructional to train his own possible competitors. How amazing is this stuff man.
Much of this is actually the same reason why the GPL license states that the devs can't be held responsible for any damages to the end-user or their property. I have to wonder what the difference is between protections stated in this video and protections stated in a license are. Which types are better in what circumstances? *meaning; is it better for a corporation to rely on license protections or is it better for them to take the route in this video?*
Hi! So.... These days I've been thinking of picking Game indie Dev as my career instead of Programming but I'm just really scared to pick Game Dev as my career cuz of the risks. So if you don't mind, please explain how you manage to make a living of Indie Game Dev (Solo). And btw you should probably make it a RUclips video as well, so others can see it too. Things like how much money and how do you use the revenue you get from your Steam Games, RUclips and etc. Do you work on any part time job? Thanks for taking the time to reply this, I would be so grateful as this thing has been stuck in my mind for ages! :D
@@SuperDragonYoshi1989 Yeah, but how *"is"* he making a living from it, like how he manages with his expenses using his game's revenue and all that stuff
My advise (The same that everyone gave but I ignored it as a stubborn brat as always) is to get a job and do game dev on weekends if you're really passionate.. I spent my 2 years trying to get a job at a game studio (which is not worth it as they expect you to graduate with a AAA title work experience) but I ended up getting a job that I still dont like, cause of money to simply say. But I get a piece of mind doing my games on weekends and honestly its going even better due to covid and work from home, as I got more free time in my hands to work and progress my games. But be careful when you're doing it, as many "companies" you work for will claim your game as their own because of agreements you sign at a job. Dont tell anyone about it and when you hit big, just quit your job.. BUT also, in order to hit big and stay safe, you better have a company (as said in this video) and then do as you wish.. Just get a job, work few months, start an indie company, do well, and quit the horrible job.. Other way around is, you have a support system like revenue from other sources, like youtube or trading, or rents from a property etc.. Then you can solely focus on game dev.. (I'm not that fortunate enough yet to have some "other" source of income, so I continue the soul sucking job).
Look up code monkey (unity dev/ youtuber) he goes into the numbers a bit more as an indie dev (~$30k annual revenue) as he doesn’t have NDAs with publishers like many other devs. Basically it’s living within your means, producing consistent profitable results (what the market wants from indies), keeping expenses down, and building upon past work. Like you would with any small business operation be it code, restaurant, or the like. And that’s what to expect for first five to ten years unless you master business and publisher deals and marketing to hit six figure income. The other good video is GDU ten years without a hit (or something like that)
Im actually in the process but need guidance to make this company. outside of what you just mention i need to know the legality of everything i need to know to start a indie company. where or who could i talk to that does not require a paycheck?
This might seem like a silly question. But if you successfully create an LLC does that make the name of the studio and all your IP automatically patented???
Super helpful video! But, did anyone else notice the volume being too low? I had to turn up my pc and the ads were WAY louder :3 Might just be me though!
Happy Thanksgiving week guys :) Does anyone have an LLC? If so what is it!
► Learn how to make money from your indie games (free webinar): www.fulltimegamedev.com/opt-in-how-to-make-six-figures
► Enroll in my 3D workshop, free!: www.fulltimegamedev.com/opt-in-15-minute-3D-game
► Make your game instantly beautiful with my free workbook: www.fulltimegamedev.com/opt-in-instant-beauty-color-workbook
► Get my 2D game kit, free: www.fulltimegamedev.com/opt-in-2D-game-kit
► Join my 2D character workshop, free: www.fulltimegamedev.com/opt-in-2d-character-art-workshop
► Wishlist Twisted Tower: store.steampowered.com/app/1575990/Twisted_Tower/
► Learn how to make money as a RUclipsr: www.fulltimegamedev.com/opt-in-indie-game-income-workshop
No not at all! i didnt even know that a thing till 5 minuites ago. as a 14 year old i didnt even think that we have to deal with all this.
Magic Dragon Studios
EsperVisions LLC - www.espervisions.com
Thank you for all of your guidance Thomas. Any aspiring Game Devs who haven't signed up for your course yet are really missing out. ^^
Nebulos Entertainment, LLC
Mine is Studio Hannah LLC :D I only changed over thanks to you.
This is definitely one of the most intimidating aspects of game dev that's worried me for a while
@@Jennifer-ju8de lmao, you say that under the bold assumption that I plan to ride on indie game dev as a full time job exclusively, which is not the case. You are clearly salty about something if you're saying all that as a reply to my initial statement. I've got no reason to thank you but A+ for the effort
@Zonetron Hell yeah, that's the spirit!
@@Jennifer-ju8de what’s that got to do with getting an LLC
@Killingdance He didn't. Ever. He has two games on the Switch. Idk, man. That guy doesn't know shit.
@Zonetron Christ, man, that is beautiful.
I was watching the video right when he said and I quote “ guys this is where things get complicated I’m not gonna lie “. Not even 1 second later an ad popped up said an LLC doesn’t have to be just type in LLC Tailor Brands. Man I was dead as hell perfect timing.
for all germans! this is not what you should do right away when you start out as a small dev. An LLC has benefits but if you don't make more than 25k a year, there are only disadvantages in relation to taxation. You will however transition to a GmbH (LLC) when you get more than 50k euros in your first year. For example, I'm a small time student dev and only make about 6k euros a year as a job on the side, so I registered a company as a "kleinunterner" so that I don't have to pay taxes when I'm below about 9400 euros.
Danke :)
Danke dir! :D
meinst Du damit UG?
This is exactly the case why i disliked this video he does not even mention that his advices are for a specific country and not aplicable everywhere in the world
@@frenches1995 Except when he asks that one should to look up their equivalent to a LLC in their respective country at 2:58
This was exactly the I needed because I am completely in the dark about this stuff! You always give amazing info! Thank you so very much and keep it up!!!
Love You Man I Started Development On My Game 3 Days Ago And I'm Making GREAT Progress Because Of YOU!!!!
How did it go
Great video as always!
I think there's a lot of confusion with folks around business expenses though. If you're an LLC or a sole proprietor, right now the standard deduction is $12,400. That's basically just a catchall expense that the government assumes you have. BUT, if you claim the standard deduction, you can not claim any other expenses; you have to pick one. So unless you're spending more than $12,400, your expenses won't impact your taxes.
So important that someone is putting this information out for free. You are truly doing good work.
Whats the (ILLEGAL) way to start a game studio
Whatever Sojia Boy did...
just not filing on tax return
LMAO
Just like what the replies above me said and *transform into Donald Trump muaHAHAHAHA*
hold the CEO of some big game studio hostage until they give you their game studio.
You should share how you got a name for your studio. I think its very interesting hearing about how people come up with names and other things like that
Hii Jonathan, I know your question is directed to Thomas but I'd love to answer how I came up with our studio's name. We recently started a studio called The Nth Element. I started the studio as a Graphic Design studio with plans to later expand it into a Game Studio. I wanted to leave my own mark in the name so I used my initials to come up with "Nth" and I realised it's also a mathematical term that signifies infinite which perfectly aligned with the idea of unlimited potential and creativity with a element of something special, which lead to The Nth Element.
Yes, yes, yes! The video I've been waiting for. As a non US resident person I have to go for the LLC. This confirms my research. Thanks Thom!
I made my business an LLC because you said that was a good idea in your Game Dev course :) I’ve been a sole proprietorship for years. But it’s officially Studio Hannah LLC now!
Congrats!
Congrats!! How is it going?
Shout out to dads, the most underrated of super heroes.
P.S. Thanks for introducing me to tort liability.
wat
Thank you for this data. This on top of your course is giving me a good, long awaited methodical path as well as new motivation.
I currently have four LLC businesses. An Information Services Company that deals with Data Collections, Data Storage, Data Research, Data Modeling, Data Development and Data Distribution. The second is a Device Manufacturing and Retail Company where I build phones, tablets, PCs and Smart Media Centers and Smart TVs. The third is a Technical Support Company, which was my first and started as a DBA back in 2003, where I do IT Field Technician work such as technical Installations, Hardware Repairs, Network and Server Support. My forth business is just the mother company of the other three. I am now looking to start a fifth company specifically for game dev!
serious question: are your taxes crazy complicated. That's the biggest worry about all of this stuff--getting burned in taxes even if I didn't make any money.
its been 3 years since you posted this, did you ever get that fifth company up and running?
Thank you for this. Just what I needed to get over the step of getting the LLC. Thanks again!
I enjoyed this Video. Thanks for sharing brother. I now know what an LLC is!
9:15 infomercials have taught us any video segment that’s in grayscale means sadness and pain. This was my favorite part of the video.
For my business I had to get an llc. Easiest thing ever. You literally just sign up for it on a government website and I paid $125.00 had paper work in less than a week.
Edit: just noticed you were talking about North Carolina. I’m in South Carolina. Pretty sure the process is identical in both states.
Thanks for the starting point, Thomas.
Enjoying the Setup and editing. =)
I am working on my first true game and really need this information thank you
Thanks for the heads up on this great video!
I was hoping for conversations about music licensing, copyright and trademark issues/gotchas with your art and IP, etc. What do you would do if someone says you copied their proprietary algorithmic surprise mechanic by having new gun as an in-game purchasable item? Stuff like that.
Those are things I'd like to see more videos about as well.
Well in all actuality if someone does try to tell you stolen IP etc they have to prove that in a court of law and its time to get a lawyer. Those type of suits are rare however as you can imagine it goes 2 ways. Literally you ripped off part of a song, took their 3d model without correct license, didnt hold up your end etc etc etc, or you did not. That sort of a case is only going to come up and go to court if you are in the wrong. Music (played professionally for years) is inherently the creators IP. Do not take anyones music without permission. Same goes with anything else you snag for your Games.
@@BuffaloMuff "only going to come up and go to court if you are in the wrong. " that's what you go to court to prove/disprove. You can most definitely go to court when you are in the right, and spend large sums of money trying to defend yourself.
In the US, most smaller companies can't afford that, so will often just pay w/e the large company is demanding (i.e. a settlement) which is somewhere between what your legal fees would have been (i.e. you take the smaller cost of going vs not going to court) and the potential revenue the large company hopes to make (minus their legal costs).
If your game doesnt make much money, you're *probably* fine as there's not much incentive for the larger company to go after you. If your super successful though you'll likely have things come up that have nothing to do with your game.
tldr; its a fucking mess and does not work in any way like it should.
@@BuffaloMuff or.. there are the people/companies who sue absolutely everyone in hopes that people will give them a slice to avoid longer and more costly lawsuits..
I really appreciate this video really out here doing gods work for me and many others trying to start game studios
Would love to see an elaboration on this, maybe going over how you got your website?
Do you need help with getting a website built for your studio?
@@reptilianaliengamedev3612 right now I’m good, I’m not a legal studio or anything, but I have a website being worked on, thanks
I emailed about something like this not long ago. I am so happy you ended up doing this. We need more Info like this from someone with experience.
Thank you so much! I’ve been wondering about this for a while now
I really needed a video like this. Thank you!
button line if you make 100k save 50k for taxes its roughly its no where near that but its good to have the headroom
Dude this type of material is gold, thank you! 🍻
Say you just sell one game on steam, do you actually need to file in the state I live, or can I file in a lower taxed state with a physical address?
I ran my business through an s-corp. I don't know if a video game studio would be well structured under that arrangement but it was certainly advantageous for my trade - my accountant was invaluable in this endeavor.
Thank you Thomas Brush my game dev senpai.
Should I start the game studio/company before or after I release my first (commercial) game?
Im pretty late to the video, would it be better to start an LLC then create games or should I have some games created then create an LLC then publish the games?
Hey thomas i signed up in the full game dev and i didn't receive the 2d ge kit but thanks on video you and your games are my number 1 inspiration for making games you inspired to make a steam game so thanks
Did you confirm your email address?
Yup and it sent me to a page saying you are subscribed
Socrate - A3 me too
There's something wild about the fact that he evolved from babyface dad to "I should be fronting a post hardcore band" I just thought it would be cool to notice. Keep teaching me post hardcore game design dad!
I ain't paying no taxes
2 years late, but this one of the most valuable videos i've ever watched.
Thank you so much Thomas, planning on moving to NC soon so this was perfect to get an idea of what I would pay!!
Umm if you pay yourself a salary as an LLC if you file it as an scorp you can write it off your business taxes because your salary gets taxed personally on you own tax return instead. If you are running it as like a sole proprietorship it's referred as a draw rather then a salary. Which is where the tax gets changed between the 2 since it regards the draw as just pulling out your own money rather then the business being its own being.
We have an LLC, but we didn't go through legal zoom though, but anyways this video was very informative :D
Thanks for this video, Thomas!
Keep in mind that all this legal stuff varies from country to country and sometimes county to county, so it's best to talk to a lawyer and/or a financial advisor who knows this stuff for where you live.
Pretty Informative stuff I haven’t even started but I’m looking forward to learning how to create games and gotta say you comedy cracks me up hits me right in the funny bone thanks for the videos
9:20 u had me there for a while. lol
you can also start an S Corp. That's what I did at least. Cheaper in NY State
This is perfect Thomas thank you.
I'm learning game dev and this kinda stuff is like seriously appreciated as I am not familiar with the like business side of... Well anything really 😂 really helps me realize I need to do my research and start learning a lot more!
As a German seeing that you can start a LLC on a website.. 🤣
we're sooo far away from that here. You have to walk to at least 5 different government offices and fill out documents and need a notary contract which will cost you at least 500 bucks.
I'm jealous 😭
Very useful. Thank you Thomas
Lmao. I got an ad from you on your own video.
Should I start making money first or create llc first before deploying games to make money?
Same question?
Make it before you announce your game.
I made my business in Texas. Do I have to change anything if I move? It is technically virtual, only exsisting where I have my computers.
For folks in the U.S., the Small Business Administration and SCORE are great resources. The SBA has a lot of resources to help you understand the business side of... starting a business, and SCORE can pair you up with a local mentor to help guide you through getting set up, marketing your product, etc. It's all free resources through the Federal government.
I need help understanding how to check if the URL is taken or not. I didn't understand what you meant by checking with the provider about the domain
1:11 finally, the milk run is over!
Online company in Estonia fixes some of the problems mentioned in this video. US sucks even in company management now...
Great video. Thanks for the advice Thomas.
Don’t forget about your Spotify podcast. I need something to fall asleep to! 😩
I’m not implying that it’s boring, btw. I’m saying that it’s soothing, lol.
Lol I was about to say...
So, just curious, I have been a street dev. for the past 2 years (to elaborate....I have been homeless and developing a game in UE4 on a laptop @ the library and Starbucks. I store my stuff in public storage and do not have a home or apt. etc. After listening to much on Indie Game Dev, if definitely seems important to have an actual business setup, for various reasons, amongst others to protect my IP, assets etc.? Is it possible to do ths without a physical address?...or by using a the USPS General Mail Delivery address (it's how us non-physical address types get mail...caue you need a physical address to get a P.O. Box...) BTW - Thomas, you're awesome man...you from the Midwest? Your demeanor is amazing, the vids you do are so great and inspiring! Thank you...for being awesome! ;)
Keep your head up i was there too.making my game with no where to sleep.. I know how it goes.. Get u a place to live first... Then you'll be able to focus and get way more done without no worries unless your difFirent and are able to somehow push through without.... Much love my friend
@@GRIZZLY12345 Well, honestly, I would rather live on the streets off of $2400 a year and have 12 hours a day 7 days a week to work in UE4. Getting a place to stay typically means working 8 hours a day to barely get by, sleeping 6, traveling 2, being exhausted and having very little time to work in UE4. I ended up getting a job as a night auditor in Breckenridge, CO. So...now I snowboard on good powder days (for free), and work on projects during downtime at night or on days off. I have $8400 saved up, so it's tempting t ogo back to the streets for a couple more years and have more time lol. Thanks man, encouragement is nice!
I have an LLC but its for a clothing company that never got off the ground lol
How come? What were the issues you came across that resulted in your business not progressing?
So if my income that I make while making my game through my LLC is not a business expense then that means that it gets taxed as personal income?
I want to start an independent gaming studio, and already have an LLC to use, how much does it cost to start a team? I want to make RPG and MOBA games on Unreal Engine 5
I have many games story i have written and concepts of my own to make gaming more enjoyable but need the funds to start out and the how to do the setup of an online base gaming site to sell my work having one good programmer and map making working with me but need a way to put this all together can you help in this type dream of mine by giving me some good pointer where to start out and get it going.
well, commisions dont count as employee right?
This is perfect Thomas thank you.
A great starting point for my research into this topic before I actually make any money. (Real money not a few hundred pounds)
Cheers
Good stuff to know!
Any tips on how to transfer the LLC's income to another country? Is there any best way or is it case-based? I plan on opening a LLC in the US to receive money from steam sales but I don't know how to bring the money to South America afterwards. Thanks
llc's don't exist in Canada :/
In some countries you can gain money through small business, even without starting a company, to a certain maximum in a year before you have to pay VAT.
Hey i got a question am working on my first game in UE5 but i wanted it to be free to play can i do that?
Quick question , can I hire my brother insetead and declare that as a buisness expense ?
Question! What about creating your LLC before you start making money in order to funnel development expenses through? Most of us will be running a deficit before we release (art, music, etc.), so should you create your LLC early and, if so, what does that do to things like paying taxes?
From what my stepdad has warned me about (he's a full bird in the army, and has handled a lot of legal stuff on their end.), he more or less told me to wait until you hit a certain amount of revenue made from your game before thinking about opening it. Its the same thing as say a twitch streamer, if they don't make past a certain amount its not taxable. However if you are a company everything is taxable.
TL;DR wait it out and see how much you earn since it only takes 30 days for it to be approved.
I am not an accountant, but from what I've gathered in looking into this same topic, unless you're funneling a good chunk of change through the game company, it's not going to make a difference. The current standard deduction is 12,400 dollars. Unless you're spending more than that, you won't be itemizing your expenses so your tax burden should remain unchanged.
I don't know your specific circumstances though, so do please have a quick consultation with an accountant (they can be cheap/free for your first visit with them a lot of times)
Where did you get so fashionable coat? 'Cause it's really cool! And thanks buddy for your amazing work!
Guy could’ve been making top 10 videos for cheap views and use his time making games, but instead he takes the time to create incredibly useful well researched instructional to train his own possible competitors. How amazing is this stuff man.
i needed this today lol
is there a difference between naming your your company, lets say facepunch llc, vs studio vs games
You can get the EIN free from the irs after you get the $99 package
my problem I want to start LLC but I live in Ohio now, but want to move to NY soon... where I should start LLC
Thank you Thomas 🙏
What all do you get taxed for for game dev?
If you’re the dad I never had, in your next video can you say “Are ya winning son?” While starring at the camera?
Excellent Info. Thank you.
Legal Zoom..? how do they benefit?
Already clicked the like button guy 😎
Much of this is actually the same reason why the GPL license states that the devs can't be held responsible for any damages to the end-user or their property.
I have to wonder what the difference is between protections stated in this video and protections stated in a license are. Which types are better in what circumstances? *meaning; is it better for a corporation to rely on license protections or is it better for them to take the route in this video?*
URL availability can be checked via a free whois search
Very helpful thanks😊
Hi! So.... These days I've been thinking of picking Game indie Dev as my career instead of Programming but I'm just really scared to pick Game Dev as my career cuz of the risks. So if you don't mind, please explain how you manage to make a living of Indie Game Dev (Solo). And btw you should probably make it a RUclips video as well, so others can see it too. Things like how much money and how do you use the revenue you get from your Steam Games, RUclips and etc. Do you work on any part time job? Thanks for taking the time to reply this, I would be so grateful as this thing has been stuck in my mind for ages! :D
@@SuperDragonYoshi1989 Yeah, but how *"is"* he making a living from it, like how he manages with his expenses using his game's revenue and all that stuff
My advise (The same that everyone gave but I ignored it as a stubborn brat as always) is to get a job and do game dev on weekends if you're really passionate.. I spent my 2 years trying to get a job at a game studio (which is not worth it as they expect you to graduate with a AAA title work experience) but I ended up getting a job that I still dont like, cause of money to simply say. But I get a piece of mind doing my games on weekends and honestly its going even better due to covid and work from home, as I got more free time in my hands to work and progress my games. But be careful when you're doing it, as many "companies" you work for will claim your game as their own because of agreements you sign at a job. Dont tell anyone about it and when you hit big, just quit your job.. BUT also, in order to hit big and stay safe, you better have a company (as said in this video) and then do as you wish.. Just get a job, work few months, start an indie company, do well, and quit the horrible job.. Other way around is, you have a support system like revenue from other sources, like youtube or trading, or rents from a property etc.. Then you can solely focus on game dev.. (I'm not that fortunate enough yet to have some "other" source of income, so I continue the soul sucking job).
@@SasukeUchiha723 Ohh... D: But, thx for the explanation, i mean it! :)
Look up code monkey (unity dev/ youtuber) he goes into the numbers a bit more as an indie dev (~$30k annual revenue) as he doesn’t have NDAs with publishers like many other devs. Basically it’s living within your means, producing consistent profitable results (what the market wants from indies), keeping expenses down, and building upon past work. Like you would with any small business operation be it code, restaurant, or the like. And that’s what to expect for first five to ten years unless you master business and publisher deals and marketing to hit six figure income. The other good video is GDU ten years without a hit (or something like that)
Incredibly useful. 👍
Im actually in the process but need guidance to make this company. outside of what you just mention i need to know the legality of everything i need to know to start a indie company. where or who could i talk to that does not require a paycheck?
This might seem like a silly question. But if you successfully create an LLC does that make the name of the studio and all your IP automatically patented???
No. You can trademark it separately though.
So what if I have a business license already should I go and turn it into a LLC?
LLC protection also works in reverse. Your business assets and finances are protected from personal debts
Super helpful video!
But, did anyone else notice the volume being too low? I had to turn up my pc and the ads were WAY louder :3
Might just be me though!
Sounded fine for me
I got an ad about you on your own video lol
This is very help full thank you
Nice topic
What if you just make games as a hobby? What does that entail? Is it possible to just put a free game on PlayStation network or something like that?