Posted by Diane (TX) on January 09, 2003 at 20:00:20:
Are you going to pay yourself a salary? If you are, you will have withholding and filing responsibilities.
If this is a C corp, you pay yourself thru salary or dividends. Dividends are taxable to you, and the corp gets no deduction for dividends paid.
If an S corp, you either pay yourself salary or cut checks for distributions. Distributions aren’t taxable to you - they reduce your contributed capital.