Drawing money from S-Corp

[ekstock]

texas: I recently set-up an S-Corporation over the Web and am the only employee.

How can I draw money from the business other than wages? Do I need to submitt an expense report like with a corporation and get reimbursed for travel, meals mileage etc? What about my assets I've transferred to the S-Corp. Do they now belong to the corporation or still remain my personal assets?

I'd appreciate any constructive information. Thanks

Kurt

 

[loku]

You personally will be taxed on the income from the s corp. The money you put into the business and the money you take out of it does not have a direct effect on the gain or loss.

There is a lot you have to learn. I suggest that rather than ask questions as they come to mind, you either hire an accountant to set up the books and explain to you what you can and can not do, or you read the following materials:

Our material on starting a business at http://business-law.freeadvice.com/starting_a_business/

Instructions to Form ll20s at http://www.irs.ustreas.gov/pub/irs-pdf/i1120s.pdf

IRS Publication 583 What New Business Owners Need To Know at http://www.irs.gov/pub/irs-pdf/p583.pdf