I'm starting a website with several entertainment sources.
I'm going to be making money from advertisements, our online store, etc.
All that money is going to be going into my company bank account. (I opened a bank account for just this business, good idea?)
I have people who are going to submit their own content to my website and I have a system to calculate how much they are going to get paid based on their contribution.
So I have a few questions:
1. Technically all the money is mine, but I was going to keep a certain percent of the money in the bank(to reinvest into the business) and cut myself a percentage. Would I have to pay taxes on the percent I cut myself and the money I keep for the business? Could I pay them together as one lump sum?
2. What papers do I need my "employees" to sign to show that I give them $xxx amount each week and they are responsible to pay their own taxes?
Is there anything else I should probably know when it comes to these things?