Question about consulting business

[95kindebt]

Hey everyone. We're confirmed and 9 months into our 60 month plan. $900 a month

Wouldn't you know it that hubby's consulting buiness is now getting tons of orders. There's about 30k we think will be his "cut". He's trying not to take a disbursement since his business partner doesn't know about our personal BK. He's leaving it in the account to build the business, however if orders keep coming along like this we're not sure how much longer we can keep his business partner in the dark and not tell him about our situation. (he works a day job with hubby and has a big mouth. Hubby is in management, and we have a waiver to make our payments direct to trustee)

So, anyone know if it's possible tax wise for his business partner to take a disbursement, but huby not so that our income doesn't skyrocket above the 10% allowed?

any tips or ideas?

thanks!

[mtngirl47]

Is the consulting business a corporation or llc or partnership? Too bad your husband can't trust his partner to keep the information private.

Our business is a C corporation and business has picked *way* up in the past 2 months (right after filing!) I asked our attorney during the filing process..."what if business increases?" and he advised that we keep the money in the corporation...and "pay" ourselves in different ways.

So this month we made a corporate resolution to pay the auto insurance for the manager (me) and we paid the 6 month premium. We also made a resolution to pay the "full time" (both of us) employees' medical and dental expenses. (That took care of dental work for me and glasses for hubby)

One friend of mine pays his children's tuition thru his corporation, calling it a "donation." (I wouldn't want to be at his audit!)

See if you can talk to an accountant and find out ways to legitmately pay yourself differently. Your husband's partner might like getting perks and benefits also to reduce his and the company's taxes.

[95kindebt]

It's a LLC. Those are great ideas. Thanks for sharing!!!!!