How to pay yourself: 4 considerations
Are you running a business and ready to take a salary? In this video, I'm sharing 4 considerations when you're outlining your salary. These are 4 things you should do BEFORE you start paying yourself. This video applies to nonprofit AND for profit founders. Here's the breakdown:
00:00 Introduction
03:06 Check the rules for your business structure.
6:00 Know your relationship to the business
08:21 Investigate your compensation
11:21 Compensation agreement
Wait to the end at 13:15 for special advice for nonprofit founders.
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Links on reasonable compensation:
https://www.irs.gov/charities-non-pro....
https://www.irs.gov/businesses/small-...
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The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the video's topic, or any other legal matter, consult with an attorney or tax professional in your area.
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