Determining how much to pay yourself each paycheck depends on your business’s profitability, personal financial needs, and tax considerations. Balancing reasonable compensation with reinvestment in your business is key to sustaining growth and meeting your financial goals.

In the U.S., a husband-and-wife-owned LLC is typically treated as a disregarded entity for federal tax purposes, meaning the business income and expenses pass through to the spouses’ personal tax returns. While offering liability protection, this tax treatment resembles that of a sole proprietorship or partnership. However, state laws vary, so consulting a tax professional is crucial for compliance and planning.

When a husband and wife jointly own an LLC, it may be treated as a “disregarded entity” for federal tax purposes, allowing income and expenses to pass through to their personal tax returns. This simplified structure can benefit married business owners, but state laws and IRS elections may affect treatment. Learn the key rules and when to consult a tax advisor.

Structuring small business management is essential for long-term success. From choosing the right legal structure to defining roles, responsibilities, and communication processes, a clear management framework ensures smooth operations and accountability. Learn the key steps to organize and optimize your business leadership for growth.

Yes, the IRS can go after an LLC if it fails to meet its tax obligations. While LLCs offer limited liability protection for owners, they are still responsible for payroll taxes, income reporting, and other federal tax requirements. Learn how the IRS enforces tax collection, what risks LLCs face, and how to protect your business.

Business management can be a highly lucrative career, depending on factors like education, industry, experience, and performance. From climbing the corporate ladder to launching your own venture, discover how business managers earn—and what it takes to reach the top income brackets in this competitive field.

Thinking about adding your wife as a member of your LLC? This decision can affect taxes, liability, ownership, and estate planning. Explore the pros and cons—from financial contributions to legal implications—and learn when it makes sense to bring your spouse into the business as a co-owner.

Business management can be a profitable career, with earning potential influenced by your role, industry, experience, and performance. From high-level executive salaries to entrepreneurship and consulting, discover the many ways business managers can build wealth and achieve financial success.

As the sole owner of a single-member LLC, you are officially known as the “member,” though “owner” is also commonly used. Learn which title to use in legal documents, everyday business, and how to properly represent your role to maintain limited liability protection.

The IRS typically cannot pursue your LLC for your personal tax debts, as the LLC is a separate legal entity. However, exceptions exist—especially if you've mixed personal and business finances or failed to meet payroll tax obligations. Learn when the IRS can pierce the LLC's protection and how to avoid personal liability.