How should you pay yourself as a business owner? Which options for payment are available to you?
Starting a business is a massive undertaking in and of itself. The reward for successfully starting and managing a company, beyond the satisfaction of a job well done, is an income that supports you and your family.
In many cases, however, paying yourself as a business owner is a complex process that hinges on numerous factors. That includes everything from tax strategy and the financial wellbeing of your venture to varying regulations on owner payment that are dependent on the business structure you select.
Our whitepaper, “How to Pay Yourself as a Business Owner,” reviews key considerations small-business owners must make when selecting a compensation structure.
You will learn about draws, distributive shares and salaries as they relate to different business structures, and which of these options are available to you based on the specifics of your company.
Beyond different avenues for payment and relevant rules, it is crucial to strike an effective balance between compensating yourself and ensuring the long-term financial stability of your business. While there is not a one-size-fits-all formula for this important decision, you can review some possibilities for choosing an income that works for both you and your business.
Want the details? Download the whitepaper for effective insight and actionable advice for paying yourself as a business owner.
Comerica Bank is committed to supporting the needs of small companies with secure and accessible business banking accounts. Reach out to our team for assistance in evaluating your choices and making an effective decision for your company’s needs.
This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice for your business.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.