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Posted by Dave (more from Dave) on Sat, 28 Mar 2009 18:26:56
Me and a friend are currently in the process of opening a small business. It will be a partnership/LLC. As far as I remember from school a partnership itself does not pay taxes, instead a 1056 is needed and a schedule K1 for each partner. Then each partner pays tax on 50% of the profit the business made. Example: We make $100,000 in profit and each of us pays tax on $50,000, regardless of weather we withdrew $5,000 or $50,000.
Q1: Is that how it works?
Q2: Do we need an actual payroll, or can we do cash withdrawals to pay ourselves?
Any help is appreciated.
Thanks in advance
posted by 24.34.221...
Posts in this Thread:
- Payroll/Taxation question, Dave, Sat, 28 Mar 2009 18:26:56 <-- Viewing This Message
- Re: Payroll/Taxation question, Dean, Wed, 1 Apr 2009 08:28:51
- Re: Payroll/Taxation question, Herb Hirsch , Sun, 29 Mar 2009 08:24:28
- Repayment of loan from owners, Bill Homer, Sun, 29 Mar 2009 07:22:53
- Re: Payroll/Taxation question, Rod , Sun, 29 Mar 2009 06:56:47
- Get Thee to An Accountant, Ari, Sat, 28 Mar 2009 19:24:19
- You have it right..., turrbo , Sat, 28 Mar 2009 19:17:49
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