Step 11: Paying Yourself
Many Small Business Owners overlook this step. Understandable, as sometimes this is due to Cash Flow limitations as the business is just getting set up. While the Owner is responsible for everything, he or she is always the last one to get paid.
If there is cash available, it may also be invested back into the business.
Should you decide to pay yourself, you will need to decide if this will be done through payroll or owner distributions. Your CPA will be able to advise you as this may depend on your personal tax filings.