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General Business Discussions A place to talk about general business discussions.

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General Business Discussions

A place to talk about general business discussions.
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  #1  
Old 02-17-2011, 09:04 PM
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Default LLC Owners

So I switched over to an LLC last year and I have a question for you owners out there. How do you pay yourself? I am set up to have employees- do you add yourself as an employee? Do you just take money out and do a jounal entry in your books... How do you guys do it?
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Old 02-17-2011, 10:37 PM
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Being the owner of the business, your income will be what is left after all other expenses. Your payroll and expenses to run the business. At the end of the year when you do your taxes is when that comes into play. Expect the first couple years that you will claim a loss. I would not include myself as an employee to draw a paycheck, as that would appear that you are earning more than just being an owner. If that makes sence.
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Old 02-18-2011, 12:09 AM
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jeez i agree, its hard to profit as i have spent most of my personal savings to keep afloat the business.. loss i will claim.

I would do it that way also, or just be an emplyoee getting minimum wage only. then at the end of the year, if the profits are there, buy something usefull for the business to make you make money faster the new year!

Thats a tax writeoff when u use profit to buy more equipment.

You should get some sort of check every month atleast and pay some tax on it, we have to pay taxes just go ahead and make it easy, if your at a loss at the end of the year, i think you get taxes back, but not sure.
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Old 02-18-2011, 03:35 PM
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Quote:
So I switched over to an LLC last year and I have a question for you owners out there.
Did you switch over by yourself or did you have an accountant or lawyer help you?

What made you want to switch?
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Old 02-18-2011, 04:23 PM
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I pay myself a salary
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Old 02-18-2011, 11:45 PM
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Originally Posted by Steve View Post
Did you switch over by yourself or did you have an accountant or lawyer help you?

What made you want to switch?
Really I wanted to protect my house if anything happens (personal assets) and as you know I got a commercial account so I got General Liability of 2mil and changed to an LLC. I'm going to need some help with my commercial account so going to need to hire an employee. I really just want to be legit and grow this thing to the best of my ablilty. Also I did it myself online do not have a lawyer or an accountant.
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Old 02-19-2011, 12:08 AM
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You still need to pay yourself something, to keep uncle Sam's cronies off your back.

Even if its 100 dollars a month sallary.. and pay the tax's on it too.
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Old 02-19-2011, 01:43 AM
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I have an LLC my accountant told me to go ahead and pay myself. My wife actually writes the check, It just felt wierd writing a check to myself. I pay myself a salary just like any other employee. I with hold taxes, medicare, and SS. The way the accountant explained it to me was that the LLC is its own entity and even though I am a member I am still an employee of the LLC. I also set it up online at the State of Texas website, pretty easy but cost a little more than I thought it would. In Texas an LLC is subject to a franchise tax as well, but like you I thought it was smart to seperate and protect my personal property from any potential lawsuites.
For me it's a lot easier to let an accountant worry about the taxes.

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Old 02-19-2011, 02:46 AM
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Does anyone know where to find how much taxes, medicare, and SS should be taken out of the pay?
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Old 02-19-2011, 03:18 AM
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i have seen things on quickbooks or just searching for a paycheck diduction calculator.

does anyone have the issue of starting out and buying a truck, and trailer, and weed whip, and a back pack blower, and a hand blower, and zero turn, and a push mower, and a bagger, and gas, and office supplies, and advertizing, and repairs and finding themselves writing off a loss for the year and unable to get a loan without a showable income.

i have seen online, legalzoom, they will get you all set up with an LLC. idk if id trust a program over someone you can go to if there is a problem but they say that it will hold up in court
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