How to Pay Yourself From Your Business (For Every Entity Type!)

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Every year in America, millions of new business entities are formed. However, many new business owners have no idea how to actually pay themselves correctly from their new businesses. A failure to pay yourself correctly from your business can potentially result in negative tax consequences such as penalties and fines.

In this video, tax expert Karlton Dennis explains how to pay yourself from your business for a wide variety of business entity types. The particular entity that you have will dictate the exact steps that you will have to take in order to pay yourself correctly. Knowing these steps is highly beneficial for business owners.

Some entity types have a much simpler process that is required for business owners to pay themselves. Others have more complicated processes. It is critically important to make sure that you pay yourself correctly if you are a business owner. That way, in case the IRS comes knocking, you will be prepared.

CHAPTERS:
0:00 Intro
0:17 Sole Proprietorship
1:45 Partnerships
2:08 Owner's Draw
2:38 Guaranteed Payments
2:54 Profit Distributions
3:08 LLC
5:32 S Corp
7:55 C Corp
9:24 Subscriber Question!
11:20 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#entrepreneurship #payroll #payyourselffirst