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    4 Replies Latest reply on Mar 24, 2009 12:13 PM by LLCguy

    LLC Info

    ToZion Newbie
      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
        • Re: LLC Info
          LLCguy Adventurer
          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.
          1 of 1 people found this helpful
          • Re: LLC Info
            ToZion Newbie
            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