AXS TV is a TV broadcaster based in Dallas, TX. Itâs an entertainment channel that airs a unique mix of live musical performances, comedy, movies and mixed martial arts. You can watch the channel online via the AXS TV live stream and its collection of videos, updated regularly. See our AXS TV review below, done with an emphasis on its streaming. Name: AXS TV. Location: Dallas, Texas, United States.
They think of it as their wages and therefore a business expense just as an employee's wage is an expense of the business and included in the Profit and Loss A/C. The difference is that an employees wages are taxed through the PAYE system whereas the sole traderâs drawings are not.
An owner's drawing is not a business expense, so it doesn't appear on the company's income statement, and thus it doesn't affect the company's net income. Sole proprietorships and partnerships don't pay taxes on their profits; any profit the business makes is reported as income on the owners' personal tax returns.n general, only the owners of sole proprietorships and partnerships can draw cash straight from the business for personal use. By contrast, in businesses organized as corporations -- even if the corporation has only one owner -- owners can't take draws.