Now Anybody Can Earn Money And Split The Profits Among A Group!
Are you in a BAND? Or you’re part of a writer’s group or artist’s group and you want to publish a collective book?
Maybe you’d like to coordinate a group project somehow to create something for sale, but aren’t sure how to pay everybody?
People seem to come up with lots of great ideas for group projects that can earn them money, especially in times like these when money is so tight. The thing that has always stopped such efforts dead in the water is how the money is handled. Who do you trust? How do you account for income and expenses? What about taxes?
The trouble is, you usually need to have one person collect all of the income, then divvy it up proportionally to everybody else. Questions frequently arise in terms of the trust and integrity of this person’s actions. This is often not a task that many people want to do, so the group is often stuck with whomever they’ve got doing it, for better or worse.
Well, there’s now some software that can be used to automatically “split the profits” among any group of participants in whatever proportions are desired. Project participants are paid directly by the software, and payments are not subject to anybody dipping their fingers into the pot.
Furthermore, taxes are not an issue because project members are actually paid directly by customers. See, the IRS currently requires anybody being paid more than $600 a year (various limitations apply) to have that income reported to them via a 1099 for that tax year. If someone is collecting thousands of dollars of earnings and then disbursing monies to project members, it’s clear that whomever is playing the role of “banker” in that scenario probably needs to issue 1099′s at the end of the year to the various project members. This has a lot more implications than most people want to deal with.
That’s why this is such a great platform for running group projects! This software enables customers to pay group members directly. Assuming what you’re selling costs under $600, nothing needs to be reported (unless the tax laws change).
In this article, I’m going to explain how you can use this software to set up group projects for fun AND profit with minimal overhead and “trust issues”.
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