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by prirun
1517 days ago
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I'm no accountant. We paid ourselves a salary after about 3 years, when there was enough income. During the first 3 years we funded the business and had losses on our personal returns (no other employment). You can carry those losses forward and use them when you start making money, either by paying yourself a salary or taking a dividend, or you can do a Roth conversion in the years you have a loss: converting pre-tax IRA funds to post-tax Roth IRA, thus generating income to offset the losses. I agree with other comments that you should consult with a lawyer and accountant about Delaware, C vs LLC vs S, and your other questions. For a sole founder, I think an accountant is more important than a lawyer. For multiple founders, a lawyer is important to lay out the terms of a founder leaving while you are all still on good terms. |
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