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How Would A Esports Org That Makes No One Money Be A Sole Proprietorship And File Taxes As Such. We Would Only Make Money As Individuals From Video Game Tournaments Prize Money.

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Savagecaliber | 02:26 Wed 13th May 2020 | Law
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I am trying to register my Esports organization as a sole proprietorship only so that I may trademark the name and logo so that other players and or organizations may not copy our name and logo. Here’s the thing I know I need to file for a DBA and a business license for my state in order to file for a Trademark but having the sole proprietor ship means I have to file taxes for it what I don’t understand is how this will work since The Esports organization is essentially just a group of friends that compete in tournaments and if we win most tournaments usually have a monetary prize some as much as thousands of dollars while most usually just $50–$500 max and every cent goes to the players that won it with the exception of 10% that goes to me as the Organization owner or if I am one of said players that won the prize money. The players are not Employees and aren’t paid by me. So how would this work as a sole proprietorship in that sense? how would I file taxes and have it as business if I/the business either A: do not make any money (unless we win a tournament) and or B: I would make a small ammount from the cut of the prize money however this would be paid to me as an individual by the organizers of said tournaments through say PayPal for example not to the “business/ Sole proprietorship” . I’m trying to make sure I do everything right and trying to avoid any legal problems do to lack of knowledge. Any and all guidance and help is greatly appreciated. :)

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Hello, Savagecaliber, this is a UK website. You may find more people who are able to help on sites such as Quora or Yahoo!Answers. Good luck :-)
which ever state you are
if you are at the stage of 'I have no idea why I should pay taxes' then you need for a few years at least an accountant
(CPA)

and yes under english tax law I can easily see why you may need to submit a tax form if you were in ENgland

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How Would A Esports Org That Makes No One Money Be A Sole Proprietorship And File Taxes As Such. We Would Only Make Money As Individuals From Video Game Tournaments Prize Money.

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