Legal Question in Business Law in Minnesota
corperation
I want to start an llc. It would be a film making company, making independent features. am I able to put a good amount or all my personal income into the corp, pay myself a small salary as an employee and thus avoid income tax on my personal income...or reduce the taxxes?
Asked on 12/02/08, 1:36 pm
1 Answer from Attorneys
Maury Beaulier612.240.8005
Minnesota Lawyers
Re: corperation
An LLC has pass through taxation, which means any profit of the LLC is taxed at the individual rates of the LLC owners. Certainly, you can put the money back into the business for business related expenses but any profit would be taxable.
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Answered on 12/02/08, 1:42 pm
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