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Paying "myself"
QuickBooks Premier: 2010: Standard
11/2/09 3:57 PM
Total Views: 29
11/2/09 3:57 PM
Total Views: 29
how do i pay myself the business owner
All Replies: Answers (1)
It depends on what kind of business entity you own. If it is a sole proprietorship you pay a regular (non-payroll) check and put it under an Equity type account (something like Owner's Draw). If you are a one-member LLC do the same. If you are a partnership with more than one members, you might receive guaranteed payments that is an expense for the partnership. Or it can be a Partner's Draw - an Equity account. If you are an S- or C-corporation, you want to discuss your payment options with your accountant.
I hope I could help.
Reka