praiz01:
My name is Dr Precious and am the CEO of PG HEALTHCARE NIG , when we started our business our monthly turn over was same for 8 months , for one year i was putting money into the business from my salary and was taking nothing from the business, we are 4years in the bussiness now with a monthly turn over of 800-1mil and every staff is on salary including me ..

Jumping into your company acct at every point in time to withdraw cash is as dangerous as carrying cash around ,you spend before thinking and on unnecessary things too....

my humbly advice

The important stuff is to treat your finances separately from that of the Company,if put much into your business document it and withdraw same when your business is doing.a company is different from her owner
check my handle on I.G @pghealthcare

Ayodejioak:
When you are a CEO (Especially your own boss),

You basically need no further compensation than just that.

The fact that get to your OWN office,

Tell you OWN people how you want to run things

And TAILOR your own ideas for implementation.

That inner joy you get doing these thing is unquantifiable with MONEY.

Try it too, then thank me later!!

urbanemind:
So So out of point.

Adefemiaderoju1:
Stupid question

speaktome:
I am on Salary and my wife too












#MySignatureMyBusiness

Adefemiaderoju1:
Stupid question

monlawal:

Hello Sir, I need a rice milling machine. How do we go about it

Pussyisfood:
CEOs decide how much they want to be paid. Mark Zuckerberg's salary is $1 a year. Warren Buffet's salary is $100,000.00.

Normally people like to register their businesses as corporation because doing so allows you to pay yourself $1 for instance and place the burden of your life as a part of your business expenses. That's just a way of evading tax... Corporations are taxed after all their expenses have been deducted.

When you find someone paying themselves huge sums like $1 million a year for instance, they simply don't care about utilizing that method of evading tax.

So in the end, you will decide how you want to pay yourself. For instance if your business is registered as a corporation, you can list all the bills brought by the car as business expenses, or if you go out and eat with your friends, you can list the cost of the food and other things you acquired at the dinner as part of your business expenses... You can simply pay yourself a regular salary as income from most other business models are seen as personal income. Hope that makes sense.

Modified: If you are running a small business, you won't see the need for trying to evade tax by running the corporation model of business.

Adefemiaderoju1:
Stupid question

Ayodejioak:


We can only try to bring smart ideas to forum

Unfortunately, we are not able to bring smart people to every comment!

IamaNigerianGuy:


Your answer is wrong.

The board determines the compensation not the CEO

profosa:
CEOs are first of all a staff,so you need an employment letter stating your gross salary and other benefits you may enjoy.so you would be placed on the staff payroll earning monthly salary.

In addition,as a CEO you are also a director of the Company and you are also expected to earn sitting allowances and director''s fee.

Finally the board of directors fixes the emolument of CEO.ensure proper documentation of board resolution on all earnings by the CEO because the taxman may come knocking.

jamil2000:
Hey nairalanders, pls i would like to know how CEOs pay themselves be it a big or small businesses or companies, do they place themselves on salary or they just take money from the company's account when ever they want?
pls i need you views, answers and thoughts.

Mods pls help move it to the front page

Ayodejioak:
When you are a CEO (Especially your own boss),

You basically need no further compensation than just that.

The fact that get to your OWN office,

Tell you OWN people how you want to run things

And TAILOR your own ideas for implementation.

That inner joy you get doing these thing is unquantifiable with MONEY.

Try it too, then thank me later!!

urbanemind:
So So out of point.

Ayodejioak:


We can only try to bring smart ideas to forum

Unfortunately, we are not able to bring smart people to every comment!

speaktome:


Complete rice milling equipment?

Sagamite:




If you call the junk you wrote a "smart idea", then you are a mooron!

monlawal:

Yes

Sagamite:


Depends on what size you refer to as "big".

If it is stockmarket big or close to it, then the first responder has probably answered you. Normally the CEOs at this stage are not the founders/owners.

If it is a small business/start-up, you pay yourself the barest minimum to be tax efficient.

For example, in the UK, you don't pay any tax on the first £11,500 of any salary. It is called "personal allowance". So a CEO of a small company should pay himself £958 per month in salary so as to pay 0% tax on their salary (i.e. income tax).

Any amount above the £11,500 (up to a certain amount) paid as salary is taxed at the rate of 20%. While dividends is taxed at 7.5% up to the next £43,000.

So any more money you want to get out of the business is best paid to the owner/CEO as DIVIDENDS, rather than SALARY. That is being tax efficient. You pay less tax.

In Nigeria, the equivalent of the UK "Personal Allowance" is the "Consolidated Relief Allowance", which means you pay 0% tax on (a) the first N200,000 plus 20% of your total gross annual income OR (b) 1% of gross income plus 20% of your total gross annual income (whichever is higher).

So if you pay yourself N10m pa in salary, it is (b). N2.1m of the N10m is tax free.

If you pay yourself N1m pa in salary, it is (a). N400K of the N1m is tax free.

Dividends tax in Nigeria is a flat rate of 10%, so a owner/CEO that wants to pay himself N10m pa and still be tax efficient is better off paying himself about N500K in annual salary and then N9.5m in dividends.

You can't just take money from the company's account whenever you wish in a sane country except the company is registered as a partnership. If it is a LTD, the company is separate from the owner/CEO, the tax man would clamp down on you except you can record it as a "loan to the director" that would be paid back within a reasonable time frame.