I want to start a S-corp. The company will not generate any income atleast of for 1 year. Probably after a year the company may start generating some income. I also have a fulltime job. When the S-Corp starts generating income and Iam the owner of the that S-corp, do I need to get paid a minimum salary? What if the company makes very less say $1000 in a year?
I'm no tax attorney. Having said that, as @rbwhitaker mentions, the question of when you start to take a salary has already been asked.
However, from a tax perspective, as I understand it, it makes no difference if you take a salary or not if you're an S-Corp. With an S-Corp any profit that the company generates automatically flows to your own personal tax return. In contrast, if you were a full blown C-corp, any profit would be taxed at the Corporate tax rate. If you, then, also paid your self a salary, that portion would be taxed at your personal income tax rate bracket.