View Full Version : Does minimum wage apply to Business Owners?

08-31-2015, 06:27 AM
First off, this is my first post. So Hello! I am 20 right now and plan to start my own business. I have a mess to clean up from my teens so it will be a few months before I can start, but I can't wait. It's 7:12 AM right now and I could use some Chick-Fil-A. I didn't sleep at all cause I stayed up all night learning about business taxes. Yikes!

Second, to get to my question. I know seeing a professional would be the best way to get an accurate responce, but I am OK with an approximate one. Ask as many questions as needed. I have been adding expenses, calculating how much my business should return, figuring out backs up for the mistakes I'll make and learning about taxes and what all I'll have to put back. I plan on saving over 50%, or six months, of my business expenses before I start. Which is 100% affordable cause I got a good deal on sales space. I ramble. Sorry. :p

I am going to be renting space at an antique store, buying wholesale, buying from thrift shops, yard sales, estate sales, etc. The first few months I figured I'd have to pay myself well below minim wage, maybe even owe my business money. Most of what I make would need to go to savings for the business, or cover any mistakes that I make. Is this legal? Does minimum wage apply to me, or if I was paying my self $1 an hour would it even matter to the IRS? How would this affect my business in the eyes of the IRS?

Thanks - JamesLewis

P.S. Thank God this username wasn't taken. It usually always is. ;)

09-15-2015, 01:09 AM
yes, you can have mimimum wage

Taylor McDonald
01-14-2019, 09:11 AM
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01-18-2019, 06:00 AM
no it vont because he will be the investor who can take maximum profits

02-12-2019, 09:17 PM
The generally business are exempt from paying the federal minimum if wage they meet the compliance criteria relating to revenue or interstate commerce. Bside the federal minimum wage does not apply to employees if the flsa doesn't cover them. If i run a bookstore with 3 employees being paid minimum wage was raised could i invite these employees to. News last month about amazon last decision to raise wage for full and part time employee to a minimum per hour renewed conversation around wage competitiveness for small businesses.