Just came across this video...thank you for sharing it. Answers most of my questions that I had about applying a budget to a business but I'll get the rest of those answers on the 17th! Talk to you then.
Paying yourself, if you are the sole member LLC, doesnt mean anything. It is a pass through and any profit or loss flows through to your personal return as a Schedule C. You will then pay income tax and self employment tax on that profit or loss.
Yes the debt from the equipment would be a liability but if you have good paying contracts you can save a lot of money on labor depending on how you pay your guys but it’s easier for them and saves you time to move on other jobs.
Just came across this video...thank you for sharing it. Answers most of my questions that I had about applying a budget to a business but I'll get the rest of those answers on the 17th! Talk to you then.
First off have a separate bank account from your personal account and pay yourself!
Paying yourself, if you are the sole member LLC, doesnt mean anything. It is a pass through and any profit or loss flows through to your personal return as a Schedule C. You will then pay income tax and self employment tax on that profit or loss.
I am 3000 of the 3.5 k views
In construction - whats better/ worse? Missing the bigger jobs revenue or the debt from the equipment?
Yes the debt from the equipment would be a liability but if you have good paying contracts you can save a lot of money on labor depending on how you pay your guys but it’s easier for them and saves you time to move on other jobs.
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