Paying Yourself as an LLC | Four Tips to Pay Yourself From Your Business

In this episode of All Up In Yo' Business, I'm giving you four tips on how to pay yourself as an LLC. If you aren't sure how to pay yourself as a new business owner, you have come to the right place. We'll cover what to do and what NOT to do when it comes to paying yourself as an LLC, including single member LLC taxes and more!

Banks that I like:
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 1580 N. Logan St., Ste 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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00:00 Intro
01:08 How much to pay yourself depends on how your business is taxed
03:00 Make it easy to pay yourself
04:25 Set some money aside for taxes
05:43 Have a separate business bank account
08:22 Outro

[chipleach]

I know “technically “ you’re not MY lawyer but I mean, you’re my advice lawyer.
I appreciate the pro bono advice!

[jakebsoutdoorservices]

i’m pretty tax illiterate but this has been the most clear video i’ve watched yet

[ScotttheCyborg]

My dad did EVERYTHING from the same checking account. He had a money market account that he would put excess funds in because of interest, but as one of his businesses was private lending that account churned a lot. But all his house bills and ALL of his separate businesses operated out of the same personal account. Even as a sole proprietor, that's a bad idea. Collectively, he made a profit, but I couldn't begin to tell which business made or lost money. There's absolutely no way he could have passed an IRS audit. Before he died, we created an LLC. That LLC has an operating and a savings account. I run three DBAs and each has its own account, and I just created an LLC which will have both an operating and a savings account. I don't see any other way to truly keep the accounting separate.

[EnDyiaForbes]

This was THE most understandable video I've watched on LLC's!! Thanks so much.💘

[javiersandate]

Im starting my own business real soon. This was very helpful. Thanks

[FranzCritchlow]

Piercing the Corporate Veil is a no, no. So important!!

[HyperUpscale]

Nice!
Very well clarified what a Single member LLC is ... finally I got it.
🥳🎉

[Twister-]

I have my business account in a credit union cause you have to have a savings account setup when you do a checking account. So the savings account becomes a savings area to hold money for emergency expenses and taxes. Makes easier transfer and move money in the same bank. Checking account is my operation account, cause I operated a small trucking company.

[samanthalombardo]

This was quick, easy to understand and kept my attention and I learned so much. Thank you!

[kellysuefitzharris]

Thank you so much! loved your helpful videos (and your beautiful, calming office space!)

[RanadousMJones]

I love your videos! Great and helpful information. Thank you!

[Dedalus]

This was extremely informative and succinct. Thank you!

[BuckBowen]

Really good advice here.

The point about your LLC not existing (depending on tax classification), is a big one. It's both annoying but elucidating. Thank you.

I noticed Relay was a recommended bank, and maybe I signed up with them years ago because of one of your videos, but I will say that their customer service is absolutely garbage. If you're reading this, try and find a better "bank" (Relay is a financial institution, not a bank).

[RockwellSudoxe]

This woman broke it down very simple and makes sense the whole time. I learned so much. You got a new subscriber. Thank you 🙏🏽

[tapslagata]

great tips!! i did all this but love knowing i did it right!

[keyrosellc]

Omg I❤❤❤❤your videos. You just explained so much in a simple way

[charlesjacksoniii]

I have a business checking and savings account for my business the savings account for taxes the checking for business expenses and to pay myself

[candisprinkles]

What is the proper way to pay a bill that is partial business use, such as car insurance or cell phone? 🤔

[destoni]

Please turn these videos into podcast...! These videos have great advice

Best explanation I’ve come across! Thanks!!