Wages

Discussion in 'Starting a Lawn Care Business' started by Aadman, Apr 16, 2006.

  1. Aadman

    Aadman LawnSite Member
    from VA
    Posts: 24

    I have a couple of questions and and curious to others thoughts or situations.

    I have started my new business this year. So far I am pleased with the success. I am a one man company and formed as an LLC.

    I am just retired from the military (actually on leave) and still drawing a salary from the military. New cash flow is coming in from work I have done. I am very fortunate and I am not in any immediate need of cash. I am looking at not paying myself for several months in order to build capital in my business. Any one know of any negative tax implications from this? Can I do it with out getting slammed with some type of taxes or penalties down the road? Could I go the entire year with out taking a salary?

    Also I am interested in comments on salary. I have been basing my estimates off of an hourly wage. I haven't decided when I do start paying myself whether to do it with an hourly wage or just a set monthly salary. I'm interested in comments or experiences with people who have done both or thought about it and went with doing one vice the other.

    Any thoughts, comments, suggestions or personal experiences are appreciated.

    Joe
     

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