You got bamboozled by the startup industry. No reason for C corp when no 6+ figure checks on the table.
Should I pay salary to myself as the founder of a C Corp that makes no money?
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Re: Should I pay salary to myself as the founder of a C Corp that makes no money?
#12I know you are probably trying to do this without hiring an attorney/accountant, but please go talk to at least an accountant and pay for a few hours of their time. There are ways to do this so that it works to your advantage tax wise and keeps everything on the up and up. However, done wrong you can screw yourself considerably and wind up with an unplanned tax liability on yourself, the corp or both. And what state…
I agree with this. It's better to get the "financing" work done by a professional to make sure nothing goes wrong or the loss isn't that much. I learned that tip when I joined Founders Cafe https://founderscafe.io/. They often give me tips or some contacts if I need some hiring. You can find yours here.