I have started investing in a franchise business…
I have started investing in a franchise business but I have not set up a legal entity or opened a business account yet. How do I reimburse myself now?
Depending on your state law, you are probably considered a sole proprietorship, or if you’re working with somebody else, you are a partnership. You want to set up a legal entity to protect yourself right away!
What are you wanting to reimburse yourself for? Business expenses? Wages?
Hi Vince DeMaioribus,
Thank you for posting your question in our forum.
As Tim Berman indicates, additional information about your particular situation would be required to give you an accurate answer.
Your best bet is to consult an attorney or tax specialist in your state to determine the best course of action.
All the best,
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