Creating a company in SL

How do I create my own SL corporation - that is how do I incorporate my own SL firm? Thanks.

In terms of in-world incorporation, just pick a trading name and start trading. Your own country's laws may require you to do additional stuff, but there's normally a (quite high) minimum turnover threshold before they expect that.

basicly, make a group

Yeah, sell things, buy land or invest in other companies in SL.

Selling things is probably the lowest risk venture you could do...if you know how to build things to sell and can think of something that a lot of people would want.

SL is an anarchy with a powerful god. There are no laws requiring you to "incorporate".

With respect to any real money you might make, that will be covered by the laws and regulations of where you run the business, not SL.

Incorporation doesn't mean much in SL.

Unless you out-and-out commit fraud, the anonymity of your avatar will probably be more liability protection than incorporation ever could be.

If however you are serious about business, incorporate in first life, then extend your activities to the grid. Incorporation, tax prep, business licences and tax payments (corporate minimums, payroll taxes) will likely run you about a few thousand USD a year (maybe just under $L 1M).

Oh also, don't expect to live off your earnings. That way you'll still be able to enjoy your experience and not look stupid when you lose money from a bug in SL.

Many people still haven't figured this out!

Perfectly Said!

I think thats part of the problem- people come here expecting to "draw stuff" and make millions while sitting at home. It just does NOT work like that. Only a few have managed.

The main thing is to do what you enjoy, have fun doing it, and if its worth selling, you might make a few bucks off of it. Just dont lose the "fun" part.

Yeah, the only business goal I have for my shop is to make SL pay for itself...and so far I've been successful with that. I'm covered for the next 6 months! Now I"m only $200.00 in the hole from having a premium account for as long as I have!!

My SL company - Tin Teddy is how I am registered for UK tax purposes, as a self-employed person.

Remember to download your transaction history regularly.

does anyone know how to get this other than on the web page? For example, you take an RL holiday, come back and find you've lost a pile of transactions.

Has anyone else noticed that when you download the transaction history, the file does not include the region name of the transaction? There is a spot for it, but it is blank. I assumed that I was downloading the complete info, so that I was keeping track of my sales in various locations, only to find that the records are incomplete. *Sigh* Anyone else have this problem?

Princess Ivory

Yea, I noticed that. Spent a few minutes hopping between Web version & Excel to fill in the blank spots.

That has been noticed and bug reported:-

https://jira.secondlife.com/browse/WEB-104

Same here. I started my business - after 16 months of just hanging out - for the same reason. I have enough right now to cover premium + tier for the next 6 months. I started out just planning to make a few items and then go back to what I was doing, but in the process I was bitten by the entrepeneureal bug, and now almost everything I do in SL is business-related.

A lot of people probably start with expectations that are either too high, or too low ("I'm going to get rich within a month!" or "I suck. I'll just put out a few things, but nobody's going to buy them so I'm not going to advertise or anything".) Focusing on just getting SL to pay for itself (at least to start) is a very reasonable and realistic goal for most of us, I think.