Payroll justified

[justbeach03]

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?

[justbroke]

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.

[justbeach03]

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.