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Paying yourself as a business owner can be structured in a couple of ways, depending on the type of business entity you operate. Here’s a quick guide to understanding your options: ✅ LLCs (Limited Liability Companies): Your compensation is typically through owner’s draws. This means you can take out money from the business account as needed, which then goes into your personal account. Remember, these aren’t considered ‘wages’ so they aren’t subject to payroll taxes. However, come tax time, you’l
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Take note of these 3 business entities you must have inside your overall business structure: 1. Holding Companies 2. Operational Companies 3. Family-Management Companies If you want to know how to properly put them in place, comment and DM me
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