Your Startup Salary

grrldudagrrlduda Posts: 4subscriber
edited January 2007 in Business Planning
For solo-entrepreneurs (LLC, Inc., etc), you`ve started you`re business and a lot of the income/revenue is going back to your business. I`m wondering what and how to pay yourself based on your living expenses and what your growing company can afford... I`m thinking a plan with a set salary until the usiness breaks even -- then, earn a share of the profits each fiscal quarter as an owner`s bonus. Once you start a salary to pay yourself, how does it effect your taxes (personal and business)?

Comments

  • keyconkeycon Posts: 34subscriber
    Sage advice ... if you are not paying yourself (or able to pay yourself) from the get-go, do something else. Pay yourself before you pay anything. You should not go into business to go broke ... what`s the point? Not paying yourself will lead to many other issues and much frustration ... I have seen it ruin people and startups way too many times.
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