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Paying Yourself
It’s an age-old conundrum that faces every entrepreneur planning their business: What do I pay myself?
There are a lot of different theories when it comes to this issue, but the two most common for startups are:
1. Pay yourself enough to get by. At least during startup until you are operating in the black.
2. Pay yourself what you are worth. Build that into your business plan so you have an accurate portrayal of how much capital you will need in order to finance your business.
A lot of people fail to realize that when you’re self-employed, the legal form under which you operate your business directly affects the way the IRS views your tax status and, therefore, will have some bearing on how you pay yourself.
Photo by njd89.
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