I have started an S corporation where my wife is a partner. How can I set salary of partners in an S corporation? What salary compensation should I draw for myself and my wife?
I sat with a friend of mine and brought up the idea of making accessories and selling them. We both began throwing out ideas and I threw out the name we chose. That same day we bought some inventory but since then I have been the only one buying and doing any of the work for the business. All she does is wear the product (advertisement) and talk about the future success of the business.
How do you find out if the election of LLC is either “S” status or “C” Corporation status? Can you clarify about the election of LLC?
I purchased a small business which was structured as a Corporation. How do I convert my business from a corporation to sole proprietorship.