| | Startup LLC and Payroll Taxes Without Revenue
I'm trying to figure out if I should start an LLC for my startup and pay myself, or just live off my savings. The startup is not going to make revenue this year. My savings has already been taxed - my concern is that if I put this into the LLC and pay myself, I'll be taxed again.
Here's the basic scenario I'm trying to figure out:
- 2 person LLC
- 1 person puts in $20,000
- Over the year, both individuals take out money for living expenses.
- $0 revenue expected during the first year
Is this money taxed? Or is it not taxed because we have no revenue/all losses?
Thanks for your help.