Peter,
That is good advice, and is relevent for this thread.
However, it does not apply to my case. No veil peircing going on here.
I think whats important is, the realization that its easy to have little
details and formalities fall through the cracks in the world of limited
time.
The sooner one gets things in order and documented, the less risk they take
inadvertently piercing the corporate veil.
Trying to fix it after the fact, can be a pain.
Tom DeReggi
RapidDSL & Wireless, Inc
IntAirNet- Fixed Wireless Broadband
----- Original Message -----
From: "Peter R." <[EMAIL PROTECTED]>
To: "WISPA General List" <[email protected]>
Sent: Friday, December 15, 2006 9:34 AM
Subject: Re: [WISPA] salary
Check with your CPA on that.
The IRS likes to see salary and other activities that represent that your
"company" really is a company and not a tax shelter so that you avoid the
sole proprietor tax schedule.
(It's called piercing the veil -- if you don't have minutes and annual
shareholder meetings and run it like a business, you lose the corporate
shield for tax purposes AND for liability as in civil litigation).
- Peter
Tom DeReggi wrote:
Zero. When the CEO is also the primary investor, and the company is an
S-corp or LLC, why pay payroll tax, when you can just take a repayment of
loan?
The salary of the CEO can be meaningless unless also disclosed wether
they have an equity position or not, and of what caliber.
Tom DeReggi
RapidDSL & Wireless, Inc
IntAirNet- Fixed Wireless Broadband
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