So I started a YouTube channel where a friend and myself build and race our cars. It's still a small channel, less than 50 subscribers. There is a local garage however who wants to sponsor us. We have worked out all of the details but he thinks I should start a LLC for 2 reasons. Its over $1000 being given to us and he plans to give us more in the future so he wants it to be %100 legitimate. I know there are plenty of website I can go to and spend around $50 to get an LLC started. But can anyone offer any advice on what I should look out for, where I should go, or how it will affect my taxes? Or even just point me in the direction of a website that can answer all my questions?
I had trouble finding a website explaining my situation because if the YouTube things gets big we may sell shirt and other small things.
Thank you, Ian