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7 figure personal income for the owners of a services company is not unheard of. The owner might elect to keep money in the business account instead of transfe
by max76 8y ago
7 figure personal income for the owners of a services company is not unheard of.
The owner might elect to keep money in the business account instead of transferring it to a personal one for tax reasons. If you are fully in control of the business there isn't much difference. For example you can buy a house with company money and lease it to yourself for $100/month. This would not register as profit for you or the business.
- atwebb 8y agoThat all sounds widely inaccurate from my experience. It's just pass-through income, it was even addressed in the recent tax overhaul. Additionally, a requirement for rentals (or check at least) is whether it's being rented at the current market rate.