I am a partner in a partnership business. Can I sell my services to the business?
Me and my brother own a music business. We help musicians get bookings at night clubs and other venues. Since I am a piano player too I have used the business to book myself for gigs and have the business pay me for those gigs. At the end of the year I issue myself a 1099-MISC. Is this a proper accounting and tax practice? I’ve looked on the IRS website and I can’t seem to find a definitive answer on this. Thanks for the answers!
No, money you take out of the business is treated as a distribution of equity rather than an expense that you invoice the company
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