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" <wireless@wispa.org>
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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