The two major ways entrepreneurs can take money from their business is through draws or by receiving a paycheck. The type of entity in which their business is set up will determine which method can be used. In either case, entrepreneurs need to be careful not to shortchange themselves. Especially if you’re running a service business, it’s easy to initially think you can do well with a similar hourly rate that you earned as an employee. Here’s a quick list of five elements that should be included in the compensation of every entrepreneur:
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To read the original article: Five Essential Components of an Entrepreneur’s Compensation | Third Hand Bookkeeping Service
