Here's How To LEGALLY Pay Yourself As an Entrepreneur
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Entrepreneurship isn’t all about the money – but it sure is a good feeling to see that paycheck come in. So how do you make sure that 1. You actually get paid and 2. You pay yourself, legally?
Part of the reason why you start a business is to make money for yourself and to do that you have to know how to pay yourself. In Episode 159 of The Legal Paige Podcast we are going to take you back to the basics and talk about how to pay yourself legally to keep your business structure (and the advantages it provides) in tact, how to legally accept payments from clients, and what to do when clients want to send a payment to you personally versus your business. There are real sticky situations that you are going to experience at some point. And having the knowledge to handle these situations and the protection in place is only going to help you and your business.
Step One: Have A Business Bank Account
The first step to legally paying yourself as a business owner is to keep all of your business money in a Business Account. Even though certain business organizations do not require you to keep your business profits separate from your personal finances, you should still keep business profits and expenses separate! Keeping your business finances apart from your personal account will make it easier to do the accounting work for your business and file taxes at the end of the year. Additionally, it will be easier for you to pay yourself a consistent salary if your accounts are separate.
MORE FROM THIS EPISODE:
Press play on Episode 159 and learn more about transferring money, the differences in how you should pay yourself based on your business structure, how clients should pay you, and more! If you want more helpful business advice as you’ll hear on the podcast, be sure to join The Legal Paige Facebook Community where thousands of entrepreneurs just like you are getting real-time answers about running a professionally and legally legit business.
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