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Starting and Operating a Business Includes Corporations / Partnerships / LLCs, etc.



               


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Old 10-10-2008, 06:11 PM
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Running an LLC as a not for profit company


California. I have an LLC and am trying to run it as a collective not for profit. I am told it can be done but how would I pay myself as the president since I already file a schedule C and I'm not sure how it would be done.
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Old 10-10-2008, 10:29 PM
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Planning the organization is very important. Sit down with a CPA or attorney and set up things to best meet your goals.

No one can advise with such sparse facts. Not as a general rule, but as an often practical reality, small corporations like the one the OP implies don't make money. There are expenses and benefits and wages which go to the employees (One of whom is the owner. How much should one pay oneself?) which make a "profit" go away. The owner will pay taxes, but it is often not through the corp but as an individual as wages.

A single-member LLC is even more so. Unless one makes specific requests, the entity passes through everything to the owner. There are other ways and issues and only by talking with a qualifed advisior who will discover your real goals can one plan properly.
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