Forming an LLC for OnlyFans helps protect your privacy. There are additional tax benefits, for example making your computer, camera, phone and other items business expenses, but we believe privacy is the most important. This applies whether you’re using OnlyFans or any other cam service, e.g. Myfreecams, Mystar etc.
Full list of LLC Benefits:
While having fans is great... you probably don’t want them knowing too much about you, e.g. your name, your address (or even your state of residence) where you have a day job, etc. Setting up an anonymous LLC helps avoid these awkward or dangerous situations.
We only list our name, address, phone and email when filing. Your information never appears anywhere.
You should choose something generic. Make it sound like a social media or investment company, for example: “Social Media Management” or “Diversified Investment Holdings” - this keeps the bank or anyone else who finds out about your company from knowing what it does. Heck, you can name it after your favorite song... just don’t name it “[Insert Your Name] Only Fans LLC”.
An EIN essentially acts as the company’s Social Security Number. This is used to identify the company, open your bank and for the cam account. We have a free EIN guide or you can pay us to do it. Once you have that you may work with any bank to open an account, but a business checking account instead of a personal checking.
Given you have a business, there are legitimate business deductions that can be made. Computer, internet, phone and even travel if you go to meetups, conferences or do a joint session with another creator.
You can pay your taxes yourself or have an accountant do it. It depends on the amount of income you have. If you only end up with a bit, then there are free services and software out there to help.
If you end up doing very well, then consult an accountant. A good CPA will save you much more than you pay them. Having a separate bank account will help you keep track of your expenses and income more easily.