My wife and I own a small business. When I started it I decided to put her as 35% owner. I invested all the upfront cost sold my house to invest in the business. Our business is trucking and construction. This is my only source of income. She is a RN and she dose our books and payroll. Our business dose Relatively well. The issue is when it come to drawn for ourselves. I have put over 150 cash into the business. With that said. I pull about 6k a month for my portion of the bills and some for myself. That about what I was bring home as a construction employee at 40 hrs a week. She has her nursing job and she definitely should get paid for the work she dose within the company. She is bad with money so I gotten frustrated a few time when she uses the business as her safety net. In the past we got into and she say she own 35%. I point out she not doing 35% of the work she then make it seem like she deserves the money she’s take out. So I told her to keep track of her hours. She average 10 a week. I told her if she was making 100hr it would only be 4k a month. I told her to look up bookkeeper wage for a small business like our or to see what a service would charge. So anyway a unlicensed bookkeeper for a small business make about 20 a hour. I ask her what’s a fair wage she brings up her bookkeeper duties at 10 hours a week vs answering the questions.
So I was to this. 65/35 is the portion of the business you own. So if the business net profit 100k I would make 65k and she would make 35k. With us both doing work for the company we agreed on a wage to pay ourselves but that’s separate for net profit because it could be a net loss. I work 50 to 70 hours a week. Running job hiring firing do actually physical work on site etc. If I didn’t do what I do there would be any business.
So we went on a few family vacations. I save my money from my 6k to contribute to the vacations she just pulled a additional 2k out the business account to cover her short coming on her portion of the contribution. This has happened a few time with thinks like that.
Any suggestions
I’m not the best at English literature so hopefully it all made sense tia
Do i understand this right?
She is on the business bank account to do as she wants with the money?
But you two keep your money separate in your private life and do not comingle funds?
Not necessarily but. But say we plan a vacation, and both of our contributions are supposed to be 2500 bucks. If she can only save 1500 bucks or she wants to do something outside of the budget. If she knows, we have plenty of money to cover our overhead she will sometimes ask or something mentioned when I’m not fully paying attention and pulling the money from the account. Then, when I check the account and there’s a random 1500 buck going, she likes itI used it for our vacation. I’m trying to get her from doing that. All our business bills are paid, and employees are all paid, but if this was a credit card she be in debt . Well, she technically is in credit debt. All my credit cards are at a zero balance. Since this post because I have other comments, I was able to find a structure to go off. Yes we keep out money separate in our privacy like we have a joint checking and saving for bill only.