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    4 Replies Latest reply on Aug 2, 2012 9:25 AM by Stephen L. Nelson

    Do I need to pay myself a salary from my S-Corp without any revenues yet?

    MikeArc_1211 Wayfarer

      I started an S-Corp this year (2011) based in California  o do consulting work on the side but has not generated any revenue yet, all were expenses. At the same time, I'm also employed by another company where I'm receiving W2 compensation. Do I need to pay myself a salary from my S-Corp? If so, is $1 pay for the year allowed since I have not generated any revenues yet?

       

      Any help is greatly appreciated.