007 How to Pay Yourself - Equity & Owner's Pay

One of the most frequently asked questions I receive in my work with small business owners is how do you pay yourself when you're the sole proprietor? Unless you are able to pay yourself a salary commensurate with your duties in the business, you generally cannot elect your business to be taxed as an S Corp, meaning that you will remain a sole proprietor or single member LLC and take an owner's draw to pay yourself. You're in business to make money and to create the life you want, so I am teaching you how to go about paying yourself so that you can make that happen. You'll learn about the implications on your personal finances and individual taxes when you are the sole proprietor of any business.