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Thrivetime Show | Business School without the BS

Business | What Is the Proper Way to Pay Yourself As the Owner of an LLC | Ask Clay Anything

Thrivetime Show | Business School without the BS

Clay Clark

Business, Entrepreneurship

4.71.5K Ratings

🗓️ 2 May 2023

⏱️ 12 minutes

🧾️ Download transcript

Summary

Transcript

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0:00.0

you have questions america's number one business coach has answers it's your

0:05.5

brota from minnesota here's another edition of ass clay anything on the

0:10.6

thrive time business coach radio show

0:20.0

all right thrive nation on today's show we're having a conversation with an

0:23.5

anonymous member of the thrive nation mr anonymous how are you sir

0:28.6

I'm doing well now we had a meeting this week and in the meeting you were

0:31.9

asking me about taxes ran out of a little bit of time there so I wanted to

0:35.5

call you and answer your question so can you kind of tee up your question

0:38.7

again and we I won't mention any part of your identity okay so we are a

0:43.1

partnership and my partner and I have yet to be paid for five months now

0:48.6

oh yeah we're just doing our you know our own thing on the side to make money

0:52.8

but started from the bottom now you're here there you are yeah we're

0:56.0

in there yeah and so we're wanting to see how we exactly go about paying

1:00.5

ourselves uh... tax wise yes partnership LLC okay so I'm going to walk you

1:05.6

through this and uh... there will be every time I give you advice there will be

1:10.4

somebody who is going to um push back and say that what I'm telling you is

1:16.8

wrong so first off what I want to do is I want to commit to being on one side of

1:20.6

the you know how like if there's discussions where there's like liberals and

1:23.2

conservatives yeah I am the most conservative tax guy you're probably going to

1:27.9

talk to okay so I can expect that so that's where I'm going to go there

1:33.4

um every time so there is one book I'd recommend for you to know about it's

1:38.5

called small business taxes for dummies and I'm putting a link to it on the

...

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