Let’s say the total revenue my business generates this year is $400k. I take $100,000 in salary. And the business has $100,000 of expenses. And I take a $50,000 distribution. So I personally have earned $150,000 in income and the business has a net profit of $150,000. What I am trying to figure out is does the business have any tax liability at all, and if so what is it, or does all the tax liability just passed through directly to my personal return?
