becoming an employee of my own company?

caroline

New Member
Is anyone out there an employee of their company? Meaning you've set up your company, created a job application, and made yourself an employee where you take a salary?

My friend suggested I do that for financial reasons. That way if I personally owe a company money that can come after me, but not my company

Could anyone tell me about this, if they're familiar or tell me where I can get information? This is (for a lot of reasons I won't get into here) the ideal business structure for me.

Thanks!

Caroline
 

ATMVA

New Member
Hi Caroline,

I am an employee of my company. It is structured as a Limited company whereby the company has its own legal entity.

This works for me in that it gives a clear definition between myself and the company and is useful in record keeping/accounting.

My company is new so I am currently drawing a nominal salary. However, my understanding is that if the company makes a profit you would be entitled to a tax free dividend at year/end.
 

caroline

New Member
Thank you kindly, Ann!

Going to my library tomorrow to find out more about the steps required and what is required for my state (Virginia). The only thing I wonder is do I have to pay taxes twice? (On behalf of the company, and then of course my own personal taxes)?
 

KathiWalsheck

New Member
I am a paid employee of my company. My husband also sold his flower shop (family store for 67 years) and he was a paid employee also.
We did it this way, because if the company ever does not make it, you have the ability to receive unemployment for an income. You must however pay workmans compensation insurance every three months on yourself. that is okay, because the longterm outcome is best, I feel.
 

DEBUTLER

New Member
I am going to set up my business just like this. I have only one client that was handed to me but I am not taking on any others until I am set up the way I need to be. This is a question I had. I am happy I am researching and reading many old post. I am coming across a lot of information.
 
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