Make sure you have a good accounting person
Uncle sam might audit you
Especially if you are working from home
Small home business
Payroll tax is double
Don't worry man. I got a good guy. All my personal properties are shielded. I work for my company.
Technically, I am a low wage earner. I only pay myself $40,000 a year plus retirement. Everything goes back into the business.
Dude, I worked contract for this one guy for 2 years. Young guy too, he's only 27-28? He is smart dude. He didn't know anything about technology but he was good at business, and networking with people. He started his business at the same time I started my business 6 years ago.
But he expanded with 22 employees. His revenue was around $2M. He offered me a job for $100k. I declined.
He hired great people to help him grow but he got tired of running it and sold the company last year, now the company is dead. New owner failed.
He got burned out.
I don't need to make millions. I'm good with a few hundred thousand. Once you make more, government just takes more too. LOL that sucks.
My goal is to grow passive income, so I can be at the beach and get paid. Not running a company.
Right now my uncle is starting a new company in Texas. I am doing their technical work. If the company grows, I will join them on the team, but right now they are just getting started.