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Podcast: Belk on Business
Episode: Paying Myself as the Owner - Episode 104
Description: Paying Myself as the Owner  - Belk on Business - Episode 104 Â
1. What is the entity structure?  Single member LLC/sole proprietor…cannot have payroll, only draws.  Set aside 25-30% minimum for taxes.  Guaranteed payments for multi-member LLC owners or partners of partnership, not payroll. LLCs taxed as S-Corp or S-Corp…owner should be on payroll, distributions as approved and documented by ownersÂ
2. What do other businesses in my industry and market pay for the position? Â What would it cost to replace me in the business?Â
3. What do I need to support my lifestyle? Â Am I taking d...