79 \\ How to Pay Yourself from a Partnership LLC: Smart Payment Strategies Explained
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Thu 15 Feb 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/79-mastering-partnership-llc-paychecks-your-guide-to-smart-payments/
How do you pay yourself when your business is a partnership LLC? In this episode, I answer a listener’s question about the right way to take money out of a small husband-and-wife partnership LLC. We cover guaranteed payments, partner draws, K-1 income, and why W-2 salaries don’t apply to partnerships. I also talk about when an S Corp election might make sense, why community property states matter, and the importance of having an operating agreement. If you’re confused about paying yourself from a partnership or wondering whether you set up your LLC the right way, this episode will give you clear CPA advice and smart strategies to stay compliant and plan ahead.
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out!
📧 Contact Me --> [email protected]
📲 Follow me on IG @ the.tiffany.p.cpa
