Is Kickstarter a good idea?
Kickstarter can be a great platform for startups and small businesses in need of funding. Not only can you get the money you need to grow your company (without incurring debt or giving up equity), but you can also expand your customer base. But this definitely is not a “get rich quick” strategy.
Do you need an LLC for Kickstarter?
To run your project as a legal entity, your business or organization must be registered as such in the country you’ve designated for your project. Please keep in mind that all projects on Kickstarter must have a verified identity associated with them.
What is the most funded Kickstarter ever?
In March 2015, Pebble’s second smartwatch project completed its crowdfunding and publicity run with 20.34 billion dollars raised in Kickstarter pre-order funding, becoming the most successful Kickstarter project as of July 2021 .
Is Kickstarter free money?
Funding on Kickstarter is all-or-nothing. If the project falls short of its funding goal, no one is charged. If a project is successfully funded, Kickstarter applies a 5% fee to the funds collected. And Kickstarter cannot be used to offer financial returns or equity, or to solicit loans.
Does Kickstarter do a credit check?
When the company reviews submissions, it does so to make sure that the project meets the company’s “Project Guidelines,” but it does not do an extensive background check into the creditworthiness of the project’s creators — or their ability to complete the project.
Can you use GoFundMe to start a business?
Raise more money with GoFundMe Grants and loans can take weeks or months to be approved. But with crowdfunding, you can get the financial assistance you need for your small business within just a few days.
Do I have to pay taxes on Kickstarter donations?
In general, in the US, funds raised on Kickstarter are considered income. In general, a creator can offset the income from their Kickstarter project with deductible expenses that are related to the project and accounted for in the same tax year.