What is the best way to get the money out of the LLC and into my pocket?
August 7, 2005 10:52 PM Subscribe
I have an LLC that I never expected would start making money, and (yay!) now it is. What is the best way to get the money out of the LLC and into my pocket?
posted by dhammala to Work & Money (8 answers total)
The LLC is registered in the state of Colorado, with me as the "registered agent". In the eyes of the IRS, however, it is registered as a corporation (not a partnership) and they expect the 1120 every year. Well, the LLC has been around for three years and was always a loss of about $1000/yr.. except this year, money is coming in. Do I need to setup all the employee stuff (SSI, withholding licenses, etc) to pay myself or can I just take money from the biz since I am the 'owner'? What are other options? What are the pros and cons of each?