All Forum Posts by: Joshua Minatel

@Joshua Minatel

I suppose what do you mean by "pay yourself?" As a member or perhaps sole member of "your" LLC, you transfer funds from your LLC's bank account into yours and notate it as an "owner's draw" or just "draw" (the reverse is a contribution). Unless you elected to be taxed as C Corp, from an accounting/tax standpoint everything is a pass through. Whether the funds "sit" in your LLC's bank account or yours, your tax liability is the same. Taking a "draw" is to protect your corporate veil, which is a legal matter.

If you want to generate a "reportable income," you would setup to actually pay yourself a wage or salary.  Its usually better to sign up with a payroll company to make sure all the necessary withholdings are performed and issue you a W2 or 1099.

Is that what you are asking?