September 29, 2009
How do I go about seperating personal income from my business income?
I’m going to college in the fall and I currently run a business, I need to remain under a certain income to remain eligable for financial aid or I may end up paying more for school then I’m making from my business putting me at a net-loss due to my business.
I’m trying to decide on whether to make a corperation, LLC, S Corperation, I want all the income of my business to show up as company income and pay myself a salary, I heard a single owner LLC will require me to pay taxes on a 1040 meaning that it shows up as personal income so that’s a no-no for me I think, but what other options are there?
I want income made from my company to show up as company income, and my personal income to be a set salary I pay myself as the manager of the company - keeping my income below the max to be eligable for financial aid.
Thanks for any help!
If that’s the case, then you will want the corporation to be a C-corporation (regular corporation). For an LLC, there is no actual tax type for an LLC, so the income indeed would pass through to you for your personal income tax return. And for an S-corp as well the income (or losses) would pass through to you for your personal income tax return. However, with a corporation, the income indeed remains with the company, but can’t be passed through to you. You could have the company pay you dividends from it, but while the dividends paid to you would be taxable income to you, the dividends paid by the company to you would not be a taxable expense to the company. Pretty much your only option is as a C-corporation (regular corporation) if you don’t want any income to pass from the company to you, except for a salary.
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Learn whether your company should be a corporation or llc from Steven Goldberg, a Wilmington Delawarre attorney who is an expert on Delaware LLC and corporation law. sdgoldberg@saul.com
