@K M W Thanks for your thorough response!
1. OK perfect. I hired the employees and withheld taxes on their paychecks, and I believe the payroll system I use (gusto) has an option for me to generate W2s for them as well. (When is the appropriate time to send those out to former employees?) So, it sounds like I'm good for this one (unless I misinterpreted something)
2. Since I am considered a contractor for now and was an employee earlier (where I had my taxes withheld or I guess they went to state/fed/Medicaid/etc.), I will get a W2 and a 1099. But for #3. since I've already being paying myself (employee/contractor), would it be a wise choice to switch/ file my SMLLC to an S Corp? I also don't know if that would help retroactively or just a wise decision moving forward into the new year?
3B. Last part for the third section, if I'm not an employee/contractor, how do I fund my overall expenses that are not business related i.e. groceries, credit card, debit, leisure?
Thank you so very much for helping and offering information.
