I am looking to purchase a franchise startup and need to use retirement to fund. I have spoken with 2 diffrent Robs providers and have been told opposites on paying myself a salary. While one has told me I can the other has stated I cannot, I am confused and looking for some clarity.
While I have some savings I do not want to drain it waiting for business to generate positive cash flow. Any clarification would be appreciated.
Thank you very much for taking the time to ask the question. As it turns out both of them can be right.
You absolutely should be paying yourself a salary for your work, however, the money you use for that salary needs to come from the operating revenue of the company and not from the retirement funds you receive from ROBS.
If you want more detailed information about a ROBS I recommend our Ultimate Guide to ROBS.
If you need more specialized questions answered many of the top ROBS providers offer free consultations, where you can ask questions that are relevant to your specific situation.
Best of luck,
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.