Ok I know this is a bit complicated but here it goes.
I am 2 plus years into a chapter 13 and making payments without issue. I make a good salary and I have an opportunity to purchase 51% of the shares of the company I work for. I have been running this company for over 5 years and it is running at a profit every year. All good stuff however I have to issues.
I get a pretty good tax return and bank it all in my emergency fund/savings account. Once I sign the paper work i will essentially own 51% (I will be paying for the shares out of the company profits). I will no longer be getting a tax return. I plan on paying myself a combination of w-2 payroll check and an owner draw.
I need to know what ramifications are if I go down this road.
Thanks in advance!
B.
I am 2 plus years into a chapter 13 and making payments without issue. I make a good salary and I have an opportunity to purchase 51% of the shares of the company I work for. I have been running this company for over 5 years and it is running at a profit every year. All good stuff however I have to issues.
I get a pretty good tax return and bank it all in my emergency fund/savings account. Once I sign the paper work i will essentially own 51% (I will be paying for the shares out of the company profits). I will no longer be getting a tax return. I plan on paying myself a combination of w-2 payroll check and an owner draw.
I need to know what ramifications are if I go down this road.
Thanks in advance!
B.
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