My brother and I are opening a business together. I’m putting up most of the cash and will be hands off, he is running the day to day. We expect minimal income for the first couple years. However, he needs to be getting some monthly income from this business. How would you structure this ? Thx

like
Posting as :
works at
You are currently posting as works at

Set up guaranteed payments to him. It’ll be self employment income to him so he’ll need to make sure he makes estimated tax payments.

like

Look into an LLC as a partnership - and look into treating his payments as guaranteed for services. Once you start generating good taxable income you can switch to an s corp

like

Reduction of income subject to SE tax

Give him more equity

??

like

You hired your brother. That’s the structure

Will you both be 50/50? Also what type of business ?

He’s an employee of the company. The company pays him a market based salary.

The legal structure of the company should be based on the needs of the business. Two separate issues.

Related Posts

Will there be any tax implications from Venmo transactions in FY21 given the new fees they introduced earlier this year? Neither I nor any people I have transacted with this past year have noted that anything was for goods/services regardless if that was actually the case so am wondering if there will be any changes as to how things are accounted for or if any new forms are being issued.

like

Totally, new to cryptos and thing of buying partial BTC. Someone told me BTC sell is hard and different from stocks. Is it easy to sell ? Is there a thing like someone should be there to buy a BTC in order for me to sell? Can anyone pls explain crypto trading?

like

$2k into XLV or VHT?

like

Interested in investing in real estate. How to even begin and what apps should I be using?

like

Does anyone know a Shariah compliant mutual fund that won't violate Independence policies?

Sad that I missed out on this deal 😭 brand new & tax free

Post Photo
like

Is Nvidia going up on earnings tomorrow? If you had to buy Tesla or nvidia which one?

like

This has probably been asked many times in this bowl - what’s the best hotel rewards program? I have the Chase Sapphire Preferred card and I’m a Southwest RR member. I travel maybe 25-30% of the time

Received a license to grow in Mass. starting a company, have a great business model, pitch, and multiple competitive edges. Looking for 5M seed funding investment to get up and running. Any advice on how to find and connect with potential investors in this space?

At what age did you become 100% financially independent? I.e. not a single thing paid for by parents including things like staying under their insurance

I’m in real estate tax group and looking for good books about RE fund/investments/accounting during non busy season. Any recommendations? Thanks!

TC New grad Software Engineer
Base: $110k
Sign-On: $35k
RSU: $120k/3years
Relocation: $20k

Starting fresh with virtually $0 savings and $0 worth of financial literacy, whats the best course of action? any advice is greatly appreciated!

like

I have a car insurance question...can you put a different address than you live at when signing up for insurance? My wife’s family lives in Orange County so wanted to sign up with her OC address and save almost $300-$400. Any feedback is appreciated!

like

Hi fishes,
Currently I am invested in two mutual funds:
UTI nifty index
Parag parikh flexi

Which other MFs are worth investing?

like

Looking to join a Google Fi family plan of 4 lines which provides unlimited internet. Does anybody have an existing plan that I could get into, or I’m willing to start a new plan - pls comment.

It’s been an interesting 24 hours. So, you know I got out of the VIX Puts at 26 with a small loss. I bought a few DIA July 15 calls at the low at a 309 strike .13 so I did better than I would. Trading the technicals now with DIA and C Puts.

like

Here’s a point of reference on meme stocks for people who thinks it’s too late to get in or who think it’s close to peaking. Tesla: 948M outstanding shares; market cap: $837B. GameStop: 69.75M; market cap: $5.36B.

likefunny

Can someone explain how to maximize the 401k employer contribution -- by when during the year should I have invested the full $18k to get the 1.5% match?

like

Is this portfolio allocation pretty standard for index funds? What am I missing or not considering?

VUG Large Cap Growth - 20%
VOT Mid Cap Growth - 15%
VBK Small Cap Growth - 15%
VTI Total US - 25%
VXUS Total International - 25%

like

How do you guys invest on gold? Is it just buying the biscuit or do you invest in their stock/ETF?

like

More Posts

like

Looking for any contract telecom work.

like

Posting so that I can receive enough likes to DM for job referrals

likeupliftingsmart

Good morning, I’m looking for an Entry Level Scrum Master position. Please send referrals

like

Any Recruiter here?
Need help

like

Can someone provide a referral for my brother for a role at World Economic Forum into their Financial Services & Investor Industries, in NYC. Any referral/ guidance/leads would be highly appreciated.

like

At your firm, absent extenuating circumstances, where is the line drawn between “paralegal work” and “attorney work”? For example, who would draft a standard form motion for extension of time?

like
like

Anyone joining accenture with this week? Please dm

like

What is your toughest challenge hiring someone in their early 20’s?
For lots of different reasons I get the impression that younger people aren’t equipped for the employer, employee relationship.

like

Are you happy with the path you chose or would you choose differently?

like

Thoughts on living in FiDi? Pros / Cons or just past experiences? Trying to decide if it is worth moving down there into a much larger and nicer apt

like

I'm working in the US under H1B, I got a chance to face an interview for another company. My current company started the PERM application also and results will be out within the next 3 months. Is it okay to transfer my H1B to a new company? Can my H1B transfer be denied? How long will my green card application delay if I move to a new company and start to apply for a green card from scratch?

like

Any Sales Leaders doing any of the following with their sales teams?

- Entering a new market.
- Entering an old market with a new product.
- Trying to focus sales efforts onto one objective.

I’m putting together a beta program that was successful for my current company and I want to see if it will help other leaders.

Let me know if this interests you below. Thanks!

like

How do I invest in Secure Gold Bonds? Any reliable procedural steps or blogs or videos available?

like

House flip question

Hey all newbie here. My husband and I are living that Double Income No Kid life wanting to (Financial Independence) Retire Early.

Both in tech in the Bay Area. I’m in Arizona visiting family and am thinking of an investment property. Does anyone have a book/course/video that they personally have used and recommend for flipping houses? I want to do some research there’s a lot of content out there.
Thanks a bunch!

like

Hi

Is there any vaccancy in Accenture (Bangalore Location) for Semi-Qualified CA (Articleship if done from Deloitte)?
If there is any kindly let me know.

like

New to the game and looking for friends to add! Add me if you want 😊

like

How quickly do we have to commit after decisions are released (e.g, for Wharton, Haas, Booth, Columbia, Kellogg)? TIA!

like

Hi Fishes, I grabbed an offer at Accenture with 12 LPA fixed for Level 9. I'm not getting a retention offer from my current company at 13.5 lpa. How do I go about a counter offer with Accenture HR? Also tell me how to approach this situation smoothly.

If HR doesn't fulfill the counter offer, is it ok to accept 12 lpa fixed for Level 9 and when will I get a hike here and how much would it be approximately?


Accenture Please provide your insights. This is my first switch so I ne more exposure

like

Additional Posts in Accounting

Made it through another day of the Hunger Games!

likefunny

How do roundtable discussions work? Do they just go person by person and everyone voices their opinion?

like

Did anyone else receive a California CPA wall certificate with President’s signature part left blank? Should I send it back?

funnylike

I’m in real estate tax group and looking for good books about RE fund/investments/accounting during non busy season. Any recommendations? Thanks!

What is a reasonable raise plus promotion increase to manager in the tax practice in Chicago? Numbers are up in a few days so trying to get a good idea what is reasonable.

like

Looking to make a switch to another big4 but haven’t had any initial luck applying online. Would it be weird if I cold messaged a recruiter on LinkedIn that worked at that company? Or any other tips?

like

Just heard EY is about to make more layoffs in audit too

like

Got an offer from RSM transaction services, senior associate. Should I take it and leave PwC audit senior associate role?

like

Does Deloitte require a specific clawback period for sign on bonuses? I’m hopefully expecting an offer tomorrow and wondering if I can negotiate down the clawback period.

like

Me as associate: can't wait to be senior and give most work to staff! Me as senior, with no staff: can't wait to be manager and give most work to seniors! Me as manager: READY FOR DISAPPOINTMENT

likefunnyuplifting

Ever since Risk Assurance busy season ended, I feel like I’ve been kind of coasting. I’m still getting all my work done but my utilization is slipping. With CRTs coming up, how worried should I be?

like

What is the benefit of staying in audit until manager?

like

My LinkedIn blowing up with all the EY promo updates. Congrats everyone!!!

like

Looking for a secondment within the big 4 to California, does anyone know of any opportunities?

like

Advice for someone having to audit in an arm sling the next three weeks?

like

Anyone want to sell me their CFE books ?

like

General accounting experience license versus license with authority to sign attest reports (California). Does this mean the attest license is only necessary if you want to stay in public accounting?

like

Counselor never talked to me about my year end review and it was never released to me, I still haven't had my comp discussion. Didn't get the comp email or any PPB in my paycheck, am I getting fired??

like

I love when people say, "I can't wait for to spend my tax return." I always respond with how do you spend a bunch of forms and documents?

likefunny

Does anyone have experience or know of someone who went on a FWA (part-time) but didn't have kids? I'm unmarried and no kids but considering a move to 30 or so hrs/week for my sanity.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal