@joihunt_esq: SAVE THIS📍 . Although you own your business, you and your business are 2 separate entities (assuming you formed your LLC/Corp✅) Never use the title “owner” because owner makes you and your LLC/Corp sound like 1 person. You, as the owner of the business should have a role or title for your position in the company. Titles like: 💰 CEO 💰President 💰Founder 💰 Managing Director 💰Vice President 💰 CFO Because you work for your business and have a “job title”, you are considered an employee and should be receiving a paycheck for your services. You can receive all of your pay on a paycheck or you can take some of your salary on a paycheck (with payroll taxes being taken out) & some as a distribution (taking money out without paying taxes). When you are applying for a house, car, etc you put your business down as your employer with your title with the company as your position✅ If you don’t have enough cash flow to pay payroll taxes you can start with only taking distributions but eventually you want to get yourself on payroll💰You need to make the S-Corp tax election to be on payroll. If you are still self funding your LLC, make sure you are properly documenting the cash you are contributing so it does not get classified as income and you are forced to pay a tax on your own money 😩😩 My LLC Kit has the forms you need to properly document cash you contribute to your business🗒 https://thefirmcbgroup.com/llc-kit/ If you need help understanding how to properly pay yourself correctly get my Structure My Business Masterclass. https://thefirmcbgroup.com/webinars/ To book consultations or purchase any products please visit The Firm website www.thefirmcbgroup.com www.thefirmcbgroup.com ☎️ 817-883-4844 📧 [email protected] #thefirm #businessattorney #entrepreneur#limitedliabilitycompany #SmallBusiness #nodaysoff #millionamonth #seeyouatthebank #smallbusinesstip #grants #businessgrants #WomenInBusiness #LLC #contracts #llctips #smallbusinesstipsforwomen #howtopayyourselfasabusinessowner

Joi Hunt

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Region: PH

Wednesday 18 December 2024 22:45:35 GMT