You can certainly pay yourself a salary from your limited liability company (LLC) to your personal bank account. In fact, this is a common way for LLC owners to take money out of their business. However, there are a few things you need to keep in mind when doing this.
- First, you’ll need to make sure that your LLC is set up as an S-Corp. This is because only S-Corps are allowed to pay salaries to their owners. If your LLC is set up as any other type of business entity, you won’t be able to do this.
- Second, you’ll need to make sure that the salary you’re paying yourself is reasonable. The IRS has guidelines on what they consider to be a reasonable salary, and if you’re paying yourself more than that, you could get into trouble.
- Finally, you’ll need to make sure that you’re paying all of the appropriate taxes on the salary you’re paid. This includes income tax, self-employment tax, and any other taxes that may be applicable in your state or locality.
Overall, paying yourself a salary from your LLC to your personal bank account is perfectly fine, as long as you keep the above considerations in mind.
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