How to Pay Yourself in a Partnership/LLC (plus, how pay impacts the taxes!)

Learn how to pay yourself AND how that impacts how member/partners are taxed.
Note: "partners" refers to "members" in an Multi-Member LLC. Also, there's a NEWER version of this, which is more of an intro and a great video to start with OWNER PAY: • How To Pay Myself In M...
Need help organizing or catching up your accounting and taxes? Get the free business spreadsheet template (basic accounting, quarterly taxes & end-of-year tax). Get it here: www.amandarussell.mba/gettheb...
This clip was from the PAYING OWNERS & WORKERS COURSE, which you can check out here: www.bizschool.coach/payingown...
Check out the SMALL BUSINESS SCHOOL (which is now individual courses you get buy based on the challenge/topic that you need help with): www.bizschool.coach/courses
Other popular videos you may like:
HOW DO I PAY MYSELF IN MY BUSINESS [PART 1]: • How To Pay Myself In M...
4 TAX SAVINGS STRATEGIES FOR OWNER PAY [HOW DO I PAY MYSELF IN MY BUSINESS PART 2] • 4 TAX SAVING STRATEGIE...
HOW TO OVERCOME PROCRASTINATION • Procrastination In Bus...
THE EASIEST AND CHEAPEST WAY TO TRACK YOUR ACCOUNTING RECORDS (SOFTWARE VS. APPS VS. BOOKKEEPERS): • Best Way To DIY Your A...
S-CORPORATION CALCULATOR - When & How the S-corp Saves You Taxes! • S-Corporation Tax Calc...
The Balance Sheet Explained: • Balance Sheet Explaine...
What is a Holding Company? • What is a Holding Comp...
Does the LLC save taxes? • Tax Benefits of LLC vs...
Sole Proprietor vs. LLC vs. S-corp: • Sole Proprietor vs. LL...
How Businesses are Taxed: • How To Choose Your Bus...
9 Short Steps to Create Your LLC: • 9 Steps to Create Your...
DIY Tax Video Series - File Taxes Online For Free
- Choosing free way to file for federal and state: • Can I Really File My T...
- STEP-BY-STEP TUTORIAL: Filing your taxes for free in any situation • STEP-BY-STEP Tutorial:...
- STEP-BY-STEP TUTORIAL: How To File a 1099 Online For FREE • How To File Your Self-...
- STEP-BY-STEP TUTORIAL: Home Office Tax Write-off - Worksheet for tracking • Home Office Tax Write-...

[@jayvelez1039]

Learned more then the hour and half I spent with tax support. Thank you!!!

[@nagesh8533]

Started watching your videos last night. All the videos that I've watched so far have been amazing. Thank you very much for sharing your knowledge passionately ..

[@planodealer3921]

Awesome. Thank you for simplifying it.

[@Calventius]

Good and clear!

[@katkennedyproduces]

Hello! Great information. How do we record one partner getting a higher percentage of profits, for example, they landed the account so they get a higher % of those jobs where they did either extra work or brought in the client. ?

[@ajamusic7322]

Great video. Ive seen something regarding spouses that are partners ina 2 member LLC can list one of them, who isnt active in the business as a passive limited member. Is that true, even of they own 50% of the business, or is there more to it when it comes to spousal partnerships

[@BadWeatherfreak]

So in my case my wife and I own the business and are the only workers. We have a miltimember LLC. The business didnt pay us anything since is still in debt. How can I go about that to fill out my taxes? I also have a regular job were I get a w2

[@kareemlindsey9739]

You are so beautiful, thank you so much you helped me a ton.

[@emilieb.1929]

Can I set and/or change the guaranteed payment after the partnership is already formed?

[@redadoballah406]

Hi, I want to open an offshore LLC as a NON-US resident, in partnership with my girlfriend who's a US resident. I know how to do it through incfile, but I'm not sure how it's gonna work when it comes to taxes. If I do a single member LLC I'm gonna pay 0% taxes, but I would like to know more about this case. Thank you :)

[@choeurn]

Do you have a video how you pay yourself with a scorp?

[@interested2750]

Thank you so much for this informative video. My business partner and I have an account with amazon. The account is established under the LLC, however, this particular account is primarily under his info - meaning that the LLC's EIN and his SS# are included. At the End of the year, based on our agreement, will I still be able to claim it under my info only since I am the one running it 100%? I do own the business 100% any way. I had included him in the LLC because our intention was that he was going to run it as a manager, but I ended up running it 100%.

[@TheNewErachannel]

Yeah man your good. You can both file taxes. Once the first individual files taxes, that person can give the other a copy of the schedule K so the partners CPA can use it to file for their share of the profit.

[@trinityestrada9588]

No response to comment questions. 😔

[@cleancutbrothers8473]

😧 needed number examples.

[@clint8u]

Wow - great video .. so guaranteed income must be a fixed and regular ?.. ie .. cannot be a percentage / variable monthly ?... I set up a day trading LLC and want to pay myself .. not sure what I’m going to do at this point. ... I don’t like the 15 % self employment tax at all

[@businessfinancecoach]

No.... it cannot be a percentage. For the guaranteed payments, are you just worried about actually having the funds available to pay? You can just put the total amount in the operating agreement. Then pay it when the money is there to pay it. It's really all handled at the end of the year for taxes anyway. All money into the business = capital contributions. All money withdrawn = draw. Your total distributions are first delegated to guaranteed payments

[@clint8u]

Business Finance Coach - thank you ... that’s very helpful !

[@rickeyhughes7380]

Hello, Miss Amanda. This is Rickey Hughes again. I have just watched your most recent video about Paying Yourself in a Partnership. Although I do have a Bookkeeping and Accounting business my own, if I were to have a successor in my business, will what you said, in the video, apply to me? Please let me know. Although, I am the only person doing this business, I think about having a successor in the business I am doing. Thank you, so much, for sharing this video. I would love to hear your response about this. Please let me hear from you. I would more than greatly appreciate it. Again, I thank you so much. Until I hear from you again, take care of yourself.