Quick question for all the accountants out there -
I have been told two different things on how payroll should be handled for our business. First of all - we have a small LLC (partnership - my wife and I). We both work full time jobs and the LLC is something that we do in addition to "regular" jobs. We would like to pay ourselves once per quarter. How should this be handled? I have been told to cut ourselves a check, and claim it in Quickbooks as a equity disbursement since the business profit will be added to our personal income at the end of year.
I have also been told to register with the IRS, receive the coupon book, and cut payroll just like every other company. Please help.
I appreciate your help.
DKS Marketing, LLC www.marketingbydks.com firstname.lastname@example.org