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Critical Formation Errors that Will Destroy Your Business

There are a number of common mistakes many founders make that can destroy everything they worked so hard to achieve. Most occur when there is some business success. Some mistakes are made out of ignorance during the initial filing process with the Secretary of State and others are the result of failing to finish the process.

3 years ago
Click here to discover the most common mistake founders make.
 

How to Pay a Shareholder of an S-Corp

When you are just an investor in an S-Corp, ostensibly you do not work for the business and you do not participate in its management as an officer. You are therefore considered limited in your liability and your income from the business based on your ownership share of the business is usually considered passive income.

3 years ago
Click here to discover the proper way to get paid shareholders of an S-Corp
 Background Image Credit: Michał Parzuchowski on Unsplash

How to Get Paid in a Limited Partnership

How You Get Paid as A Non-Partner General Manager or As General Partner of a Limited Partnership Is Different. Here Is What You Need to Know

3 years ago
Click here to discover the proper way to pay limited partners in a limited partnership
 

How to Get Paid as a General Partner of Limited Partnership

A partner in a limited partnership that is a decision-maker (general partner) is considered an employee of the business by the IRS and is treated differently than limited partners. Income for general partners is considered earned income and is subject to additional taxes but also to additional potential tax deductions. Moreover, as a general partner, you are exposed to additional liabilities.

3 years ago
Click here to discover the proper way to get paid as a general partner in a limited partnership
 

How to Pay a Non-Member General Manager of a Multi-Member LLC

In some cases, all the members of an LLC may be investors only and not managers. The business may hire an outside general manager (employee) to make the day-to-day decisions, and therefore, acts as the manager. In this case, the general manager is an employee of the business, but since they are not a member (aka owner), their income is just like that of an employee in any business.

3 years ago
Click here to discover the proper way to pay a non-member general manager in a multi-member LLC
 

How to Pay a Non-Manager Member of a Multi-Member LLC

When you have an investor in your LLC, who works less than 500 hours in a given tax year for the LLC, and they do not participate in its management, they are considered limited in their liability and their income is usually considered passive income subjecting the income to only federal and state income taxes based on their marginal tax rate.

3 years ago
Click here to discover the proper way to pay non-manager members in a multi-member LLC
 Background Image Credit: Paul Melki on Unsplash

How to Get Paid in a Multi-Member LLC

A member in an LLC that is a decision-maker (manager) is considered an employee of the business by the IRS and is treated differently than non-manager members. Income for managers is considered earned income and is subject to additional taxes but also to additional potential tax deductions. Moreover, as a manager, you are exposed to additional liabilities.

3 years ago
Click here to discover the proper way to get paid as a manager in a multi-member LLC
 

How to Get Paid as an Owner of a Sole Proprietor or Single-Member LLC

As a sole proprietor or as a single-member LLC you are the only owner, and as a result, you do not take a salary or a wage from a business. Instead, you can simply take out excess cash from the business, which is known as an owner draw, to pay yourself.

3 years ago
Click here to discover how to pay yourself as a Sole Proprietor or Single Member LLC
 

How to Get Paid as an Owner of a Pass-Through Entity

How you pay yourself as an owner depends on the type of entity you are and how many owners there are. This post lays the groundwork and defines a few terms that should help demystify how entities pay the owners of the business.

3 years ago
Click here to discover the basic concepts of getting paid an owner of a pass-through entity
 

How to Find Out if You Have Enough Money to Buy a Franchise

A question many franchise entrepreneurs have is related to how much money they will need as they conduct early-stage franchise research.

3 years ago
Click here to learn if you have enough money to buy a franchise
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Email – steve@stevebizblog.com

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