Affiliate marketing seems to be all of the rage. It is everywhere because people want passive income and other ways to get money without working a job. You want to earn money in your sleep. Well, there is a dirty little secret about affiliate marketing that none of the gurus talk about. Want to know what it is? It is having an EIN and a formal business entity!
An EIN is an Internal Revenue Service tax number given to businesses. A business entity is a legal structure which your business operates. An entity can be an LLC, LLP or Corporation. Having sit in on many of these webinars and joined Facebook group, most of affiliate marketing aficionados skip this very vital step. I am glad that I have an EIN and formal business entity because these companies do official businesses. Some of these ‘gurus’ are misleading but others overlook mentioning this because they assume that their Facebook group members are business owners. That’s not always the case which is why I call it the dirty little secret about affiliate marketing. Here are the resources to obtain an EIN and business entities.
Internal Revenue Service: https://www.irs.gov/businesses/small-businesses-self-employed/business-structures
Small Business Administration: https://www.sba.gov/starting-business/choose-your-business-structure
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