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Old 07-19-2013, 10:44 PM
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grass disaster grass disaster is offline
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if i'm llc should i be paying myself?

ok so i'm part time lco.

Running as a sole proprietor. The $ i have saved up should i be paying myself.

should i get sued could they only go after $ in my business account?
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Old 07-19-2013, 11:03 PM
blk90s13 blk90s13 is offline
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Why are you LLC ?
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Old 07-19-2013, 11:06 PM
CL&T CL&T is offline
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As a sole proprietor they could go after anything you have including your house and truck, car, etc as long as they are in your name. With an LLC, it depends on how your state defines an LLC. It might not be much different than a sole propreitor. Talk to an attorney, not us.
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Old 07-19-2013, 11:12 PM
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grass disaster grass disaster is offline
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i should have just said I'm llc.
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Old 07-20-2013, 08:08 AM
GOATMAN GEORGE GOATMAN GEORGE is offline
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Maybe you should have figured this out pre LLC?? Or read the info your state provides.
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  #6  
Old 07-20-2013, 08:21 AM
ncnurseryman ncnurseryman is offline
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In most cases the assets that a under the llc are totally separate from your personal assets and any money that you pay yourself is listed as an expense.
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  #7  
Old 07-20-2013, 08:26 AM
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AI Inc AI Inc is online now
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Quote:
Originally Posted by CL&T View Post
you Talk to an attorney, not us.
what he said ....
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Old 07-20-2013, 07:59 PM
32vld 32vld is offline
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My mouth piece in NY said that if you are an LLC and have an employee and your employee F's up he can be sued and so can the LLC.

Now being if you were the one at the job site that F'd up the customer can sue the LLC and you personally.

You want greater protection against being sued then a LLC is not for you.
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Old 07-20-2013, 08:15 PM
32vld 32vld is offline
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As to your title should you be paying yourself.

No you should be working for free. Or better yet you pay your customer for the privilege of working around their big house.

Now if I am reading the tea leaves right you are thinking I'm a LLC where is the tax advantages of owing a corp and getting income at a lower tax rate like Donald Trump.

No such tax breaks for a LLC.

You want tax breaks then you have to become a full corporation. Thing is you have to be making enough to make being an S corp to make it worthwhile. To find what the break even point is go sit down with a CPA and a corp lawyer. There is another type of corp but I do not remember the letter.

If you can't afford to pay each one for hour of their time then you most likely have not reached the break even point.
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  #10  
Old 07-20-2013, 10:38 PM
CL&T CL&T is offline
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Quote:
There is another type of corp but I do not remember the letter.
That would be a full fledged C corp.
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