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4 Replies Last post: Mar 24, 2009 12:13 PM by LLCguy

LLC Info

Mar 4, 2009 12:10 PM

ToZion 4 posts since
Mar 2, 2009

Hi,
i've a newbie question; if i form an LLC i see i've to pay taxes from my share of profits; but since i work in the business i've to "give" me a monthly or weekly salary like to an employee or i can use the business account for my personal expenses and than at the end of the year move my share of profits to my personal account?
Thanks
Daniel

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LLCguy 18 posts since
Mar 23, 2009

1. Re: LLC Info Mar 23, 2009 2:59 PM

Hi Daniel,

Are you a singe member LLC? or do you have a partner?

Most members (owners) pay themselves wages. When you do this keep in mind self employment tax contributions to Social security. do NOT use your business account for personal expenses. This is the reason you created the LLC, to seperate yourself from your business.

I'd suggest using an accounting software like quickbooks, or microsoft office accounting, you can google free versions of this software.

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ToZion 4 posts since
Mar 2, 2009

2. Re: LLC Info Mar 23, 2009 6:03 PM

Hi,
thanks for the answer; probably i've a minority partner. Likely i'll have 90% and he'll have 10%.
If i take a wage from the LLC for me monthly that will count against the year end profit or loss or won't count?
Thanks

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ToZion 4 posts since
Mar 2, 2009

3. Re: LLC Info Mar 24, 2009 6:41 AM

in response to: LLCguy

LLCGuy thanks for the answer do you have an email where i can contact you directly?
Thanks

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LLCguy 18 posts since
Mar 23, 2009

4. Re: LLC Info Mar 24, 2009 12:13 PM

in response to: ToZion

feel free to email me I can be reached at gregmetro at gmail.com

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ForumsStarting a Business

This Question is Possibly Answered

LLC Info

Mar 4, 2009 12:10 PM

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