How to Pay Yourself as an LLC - Ep 118

In this episode of Entrepreneur Money Stories, Danielle is joined by Kelsey to discuss a frequent question among listeners: How do I get paid as an LLC or sole proprietor? There can be a lot of confusion among business owners when it comes to being an LLC, such as what exactly is an LLC, the cost of becoming one, "Should I pay my mortgage from my business account?", and more. Together, Danielle and Kelsey, answer all these questions and more, so that you and your business can thrive while being legally protected.   Topics Discussed: Intro (0:00) What exactly is an LLC? (1:30) Should a sole proprietor become an LLC? (2:17) The cost of becoming an LLC (2:55) Sole proprietor vs. LLC vs. S-Corp (3:08) Single-member LLCs vs. partnerships (4:54) How to pay yourself as an LLC (5:27) Legally distinguishing between personal and business expenses (7:13) How to have clean bookkeeping (9:02) Does it matter how often you take owner draws? (10:17) Owner draws and taxes (10:55) How to calculate owner draws and how much to pay yourself (11:16) Paying yourself as an S-Corp vs. an LLC (14:55) How to pay yourself during slow months (16:09) Treat your business as a business, not a personal ATM. (17:09) Connect with us for help (19:52)   For help becoming an LLC or calculating owner draws, visit https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/