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The salary of the entrepreneur

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The salary of the entrepreneur

A few days ago I mentioned to a friend the importance of getting a salary as an entrepreneur, this means that the entrepreneur who works in your business must get a salary according to several reasons. In the first place because it is needed when making calculations and thus avoid problems, secondly because it could take the profits that it wants from the company and finally to know if this Venezuela Phone Number List really serves to maintain itself or should accommodate your habits a bit.Just today looking for a link to pass on to him, since I cannot get together and explain a little more about idue to a trip by this person, I came across this excellent text by entrepreneurs.orange on the internet.
If you have your own business and you have not yet assigned a salary, start thinking about it. Because not doing it is a mistake, especially when the benefits appear in your income statement. It is a fact that many entrepreneurs do not have a payroll. “So that? It would just be one more expense, unnecessary. I’ll get paid with the benefits ”, many think.

Be realistic
The salary, in addition to providing you with a certain economic stability on a day-to-day basis, although the remuneration is low, allows you to receive financial compensation for your work with lower tax costs. And that is the crux of the matter.
Here is the text and do not forget to visit this excellent site especially those who are involved in the subject:
“It is convenient to do the calculations so that the tax rate is always minimal, either for dividends or for remuneration via payroll. And almost in all cases it is interesting to have a salary ”, confirms Javier Montero, director of QualityConta, legal and tax advisers.

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Let’s go by parts. The premise is to be realistic.  gulf email list From the Center for Entrepreneurial Initiatives (Ciade) of the Autonomous University of Madrid, it is recommended to do the numbers and study the feasibility of the project, rewarding all the factors that participate in it. “In other words, the approach is that if you need a space, you have to value that space (purchase or rent), even if you work at home later. The same goes for salary. You have to recognize the value of that work in the business plan and assume that this is an objective to be achieved. Because the project has to be viable by itself ”, says Isidro de Pablo, director of Ciade and professor of Business Organization at the Autonomous University of Madrid. Ultimately, you should set yourself a salary.
Once it’s decided, the first thing to be clear about is how much and how. How much do you want to earn, and then how it will be distributed. And for this you must take into account a series of parameters that, in each specific case, will depend on various factors. Look around you and carefully analyze the market.

Business circumstances.The salary should be set according to what is being paid in the market for the responsibilities that you are going to have in the company (what are my tasks and how much is paid for them); the sector in which you operate (there are differences between, for example, salaries in the legal profession and those of construction or plumbing) and, finally, the size, age and experience of the company (it is that is, more particular circumstances of the business).
Entrepreneur profile.
It even also depends on the character of the entrepreneur. Some entrepreneurs want to make a lot of money and are awarded high rewards. Others simply want to have a salary that allows them to lead a satisfactory standard of living, even they do not care that their employees earn more than they do through the company. “It does not mean that he has a market salary, nor that it is a symbolic amount, but a reasonable figure for the work that person can do. But here we are already entering the personal field and the values ​​of each entrepreneur ”, adds Isidro de Pablo. One piece of advice: you should set yourself an entrepreneur salary, not a shareholder salary.

They are the main reason why you have to decide how much, because everything will depend on fundamentally fiscal criteria. Salary is a very useful management tool to get the most out of all the company’s income that ends up in your checking account. In other words: it will allow you to get the most out of your benefits, saving you, within the legal limits, a lot of money. Therefore, it is an element that cannot be left out of your forecasts.It is not the same to have a fixed, even if it is low, than to have a fixed and a variable, that is, a percentage that will depend on the conditions that you set: achievement of objectives, reaching a certain level of turnover, benefits obtained … Or having a fixed and collect dividends at the end of the year. You must analyze which formula is more profitable for your company fiscally. The possibilities of compensation packages are wide. Select the best one for your business and depending on the moment of maturity in which your company is.
Fixed + variable.The normal thing is that a variable salary is given more in the survival and start-up phase of the business, until the company finishes “maturing”. So the convenient thing is to have a fixed, which can be supplemented with bonuses or remuneration for the achievement of benefits. “For example, you can establish that if you increase your billing by a percentage or you reach so many euros of billing, you can receive between 5 and 25% of those benefits. The margin is very wide to later decide which remuneration is the tax that interests me the most ”, explains Montero.
Reflected in a contract
The formula you decide must be expressed in a contract, since the remuneration reflected in a document will allow it to be considered a deductible expense in the tax return.

 

When the entrepreneur is not alone, salaries must be set according to the responsibilities and position of the partners. In other words, they must look at their status as “salaried employees”, insofar as they fulfill a function in the company. If one is a general director and another administrative director, they should not have the same salary because the responsibilities are different, even under the Law.
However, many entrepreneurs and partners, in order to have peace in professional situations, are willing to assume an equity in remuneration. “The question is if all the partners are happy with that criterion. If everyone has a comparable responsibility, there is no problem. Now, if someone thinks that he does more than the others, there may be a germ of problems, ”explains De Pablo.
Equal salaries between partners tend to be more in family businesses. Or in companies in which there is an important complementarity of roles between the partners (production, commercial, administration). “Of course, it is necessary to be very clear that, in addition to exercising a function in the company, they also fulfill a function of partners”, emphasizes Fernando Alfaro, Ciade’s project technician.
And in that case you can talk about relationships between partners. For example, that it has the same participation in the benefits in the event that they have the same contribution in the capital.

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