Is it a good idea to set up an LLC to run a LINK node?
Start an LLC for a Chainlink node business?
probably.
How would one go on doing that?
>He thinks a node will make him money
I guess there would be tax benefits to doing it. An LLC can protect your identity as well correct? I'm trying to think of other reasons why this would be a good idea.
register as a business. track your expenses/income.
I'm no LINKlet. First page on Etherscan, so yes. I'll be able to make some money running a node eventually.
No real benefit.
LLCs are treated as disregarded entities by default which means profits go to your individual tax return. no tax savings there.
If you tax it as a c-corp its taxed at the corporate level then distributions are tax at your individual tax bracket, i.e., you get double taxed.
The reason people use LLC is to protect from liability, which is not much benefit running your little linklet node providing weather prices to smart contracts.
There is already going to be limited personal liability, almost no recourse in a decentralized network.
t. tax fag
I'm on first page too, and trust me theres no real benefit here. Only additional fees setting up and maintaining the LLC. You are not gaining anything.
Hmmm I see
So can I just run a link node on my laptop and register myself as a company and track my expenses/incomes?