Dan Carlson
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- Aug 22, 2014
- 1
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Hi,
I have 3 business partners and we are all working full time. Our product is completed and have clients and it's the time where we take the plunge and go full time. Exciting times! But i have two business partners that does not have enough savings to live without a paycheck. We have no employees, it's all partner owned business at this point. So they want to borrow money from the bank to pay ourselves some salary. It doesn't make sense to me. If we borrow money from the bank as a company and pay ourselves salary, don't we have to take federal and other taxes out? So it's like borrow money to pay taxes. So I think a personal loan make more sense but I'm not 100% sure. Anyone have this experience or point me to material that I can reference?
I have 3 business partners and we are all working full time. Our product is completed and have clients and it's the time where we take the plunge and go full time. Exciting times! But i have two business partners that does not have enough savings to live without a paycheck. We have no employees, it's all partner owned business at this point. So they want to borrow money from the bank to pay ourselves some salary. It doesn't make sense to me. If we borrow money from the bank as a company and pay ourselves salary, don't we have to take federal and other taxes out? So it's like borrow money to pay taxes. So I think a personal loan make more sense but I'm not 100% sure. Anyone have this experience or point me to material that I can reference?
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