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    #1

    Payroll justified

    Moving this from the small biz thread:
    Im a W4 biz owner and have been paying myself all these years. Wont be filing non consumer ch7 till next May and closing business in the next month. Does anyone see a problem with paying myself like normal along with the bonus that we all (staff) get when we meet our monthly goals?
    Last edited by justbeach03; 08-03-2010, 05:19 PM. Reason: typo
    Tags: None
    #2
    The biggest thing with business filings is documentation. So long as all your records are good... I don't see any problems. Of course, if you're shutting down a business, you should be speaking with a good CPA/tax attorney and perhaps an asset protection/bankruptcy attorney for details of how to shutdown cleanly.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #3
      Thx- I got approval to liquidating assests to pay the secured creditors. I just dont want anyone to think it was preferential payment if it's a taxed bonus through payroll that I'm paying everyone else as well (normal course of business- no embezzelement if its open and documented). There's no law that says I work for free...correct?! I wont have any income coming in after this month, so what I make now is all I'll have till BK filing.

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