Corporation
I am a minority shareholder.
My wife is the majority shareholder. But you still don’t have to
pay shareholders anything.
If they are on the board of directors they can earn a directors fee.
*From:* Josh Luthman
*Sent:* Monday, April 20, 2020 12:04 PM
*To:* AnimalFarm Microwave Users Group
*Subject:* Re: [AFMUG] OT guvmnt loan
I thought it was bad to have a business and not pay the owners "a
reasonable salary".
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Mon, Apr 20, 2020 at 12:46 PM <ch...@wbmfg.com> wrote:
dunno... Why pay FICA for myself when I don’t need to? I can
take a repayment on notes payable if I want money without any
tax implication. Or I can take a directors fee without FICA if
I want to take money. But what in the hell am I going to do
with a bunch of money in my checking account? I can buy more
TSLA I guess. I would rather have a Mincon pneumatic hammer
drill setup for my directional drills.
Resisting the urge to buy a Tesla or an airplane. I do miss the
C-210 with known ice capability. But an ultralight would be
more fun.
Could do a sailboat but I would probably never use it. I used
to sail on the Great Salt Lake.
I am just fortunate to be semi-retired and not really wanting
for anything.
Other than visits from kids and grandkids.
In other words “I have sufficient for my needs”.
Maybe a water jet or a CNC laser...
*From:* Josh Luthman
*Sent:* Monday, April 20, 2020 10:37 AM
*To:* AnimalFarm Microwave Users Group
*Subject:* Re: [AFMUG] OT guvmnt loan
Why were you not?
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Mon, Apr 20, 2020 at 11:19 AM <ch...@wbmfg.com> wrote:
We are still going to keep it sequestered. I should have
been paying myself...
*From:* Josh Luthman
*Sent:* Monday, April 20, 2020 9:02 AM
*To:* AnimalFarm Microwave Users Group
*Subject:* Re: [AFMUG] OT guvmnt loan
It's my understanding that in 8 weeks all you have to do is
prove you did payroll for 75% of the amount loaned. In your
case, show 90k came out of the account to payroll. The
reports that the payroll company does, I'm told, should suffice.
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
On Sun, Apr 19, 2020 at 12:17 PM <ch...@wbmfg.com> wrote:
Lewis,
Are you taking any special measures to be able to prove
you used the loan proceeds for approved uses?
Kinda hard when they get comingled with other funds in a
general checking account.
I think we put them in a separate savings account.
*From:* Lewis Bergman
*Sent:* Saturday, April 18, 2020 6:09 PM
*To:* AnimalFarm Microwave Users Group
*Subject:* Re: [AFMUG] OT guvmnt loan
$10k? How many people do you have? I think I got nearly
$500k between all the companies.
On Sat, Apr 18, 2020, 7:01 PM <ch...@wbmfg.com> wrote:
Got our supposedly to be forgiven $10K loan today.
We shall see...
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