I am about to start my own S Corp. My personal financial statement doesn't really exist since I am only a student, so we are using one of my partners personal financial statement to get financed with our business. They also asked for his tax return.
I am a 20% shareholder in the corporation, but I am not working for the corporation. Meaning I do not get a salary, I was wondering, if later on for whatever reason I needed to show a personal financial statement and a tax return, would I be allowed to show my income from the corporation? The income I get when I recieve my profits? Is this even considered income?
Thank you for your time in answering my question.