not sure if I chose the right company type of business for setting up my wave acct

Debs_REIDebs_REI Member Posts: 11

I chose Real Estate but I am a Real Estate Investments company, new business, in Texas, and I have heard online that I should have chose RE and Property Management, but i did not see that choice in wave, I essentially purchase used houses, rehab them and resell them.

Comments

  • Debs_REIDebs_REI Member Posts: 11

    If someone could help me with that answer right away, I need to get it set up then do the payroll set up and run a first payroll today, with the free trial payroll today? Deb Dodds

  • Debs_REIDebs_REI Member Posts: 11

    Also does it offer a self service feature with the trial payroll feature?

  • MikegMikeg Member Posts: 689 ✭✭✭

    @Debs_REI,
    It does not really matter about the type of business established in Wave. It's just for chart of accounts purposes. As for payroll, be sure you have the correct type of entity to pay wages. An LLC or sole proprietor cannot pay wages to it's owners.

  • Debs_REIDebs_REI Member Posts: 11

    Thanks, would my business be able to hire my husband as its manager and I could pay him wages for managing my business activities and helping me make good business decisions. Deb Dodds

  • Debs_REIDebs_REI Member Posts: 11

    he would work for my business for free, but I think he would be really psyched if we could pay him instead. Deb Dodds

  • MikegMikeg Member Posts: 689 ✭✭✭
    Yes you can pay a spouse a w-2 wage. If you have medical expenses, there is also a planning opportunities with a medical reimbursement plan
  • Debs_REIDebs_REI Member Posts: 11

    Just to clarify as a single member LLC I cannot pay me the owner wages as my company cannot isuse itself a W-2, right?

  • Debs_REIDebs_REI Member Posts: 11

    Instead I would make owner or officer draws from profits, right?

  • MikegMikeg Member Posts: 689 ✭✭✭

    @Debs_REI,
    That is correct. As a single member LLC, you cannot issue yourself a W-2.
    Need a CPA?

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