Business management involves planning, organizing, directing, and controlling resources to achieve organizational goals efficiently. It covers key functions like decision-making, leadership, and performance monitoring. Different types of management focus on specific areas such as operations, finance, marketing, human resources, project management, and more, each playing a vital role in a business's success.

Paying yourself as a business owner doesn’t always count as a traditional business expense. How it’s treated depends on your business structure. For sole proprietors and single-member LLCs, owner pay isn’t deductible as an expense. In corporations, however, wages paid to owner-employees are deductible, as long as they’re reasonable. Understanding the tax treatment of your compensation is essential for proper accounting and compliance.

Yes, a business owner can put themselves on payroll—but how they do it depends on the business’s legal structure. While corporation owners are typically required to be on payroll, sole proprietors and partners take draws instead. Learn what payroll means for your taxes, what “reasonable compensation” entails, and how to stay compliant.

A business management firm provides comprehensive support to clients—ranging from entrepreneurs and professionals to entertainers and high-net-worth individuals—by overseeing their financial, operational, and personal affairs. These firms handle everything from accounting, tax planning, and cash flow management to estate planning, real estate oversight, and risk management. Their goal is to streamline business functions and ensure financial health, allowing clients to focus o

An example of business management can be seen in how a small retail store is operated. The owner handles planning, finances, operations, marketing, and staffing to ensure the business meets its goals. Business management brings together strategy and daily execution to keep the store efficient, profitable, and customer-focused.

Doing payroll yourself for your small business can help save costs and give you greater control. This guide outlines the step-by-step process—from calculating wages and tax deductions to paying employees and filing payroll taxes—so you can manage payroll accurately and stay compliant.

Whether an LLC owner should put themselves on payroll depends on business structure and tax strategy. Learn when it’s required, when it’s beneficial, and how to decide based on your financial goals.

Business management services are professional services that support a company's financial, operational, strategic, and HR needs. They help businesses run more efficiently and achieve their long-term goals.

LLCs are generally cheaper to start and maintain than S Corps, but S Corps may offer long-term tax savings. The best option depends on your business goals, tax strategy, and compliance preferences.

Paying yourself from an LLC is commonly called an “owner’s draw” or “distribution,” unless the LLC is taxed as an S Corp, in which case it may be a “salary.” The method depends on your tax structure and business setup.