Hello all respected members of this site.
I am planning on opening a small business, but after reading dozens of blogs/articles, I still cannot understand - If a LLC owner chooses to be treated as S Corp for tax purposes - can he pay him self a salary? Or he just has to form a S Corporation from beginning and not an LLC?
On internet say say LLC owners/members CANNOT pay them self a salary, they only can take an owner's draw.
p.s. I just want to be able to pay myself and my partner a salary (50-60% from net income) to save on taxes.
Than you all!