S Corp Deductions

Hello, I'm trying to install a small company in CA with two other partners and thought to be an S-Corp. Each one of us to say a little money in the $ 50k business and have an equal share. Here are my questions:

1. Since we are agents of society, are we required to pay a salary, I saw someone mentioned $ 32k is the minimum.

2. It is very likely that the company will not make enough profit to pay 3 x $ 32K. Are we allowed to take smaller salaries?

3. Assuming we have a net loss for the first year, and I understand S-Corp profit and loss will flow through to your income tax. Does that mean I can deduct the loss on my income I earned from my former employer?

4. I heard someone say that we can deduct up to 3 years of your personal income. Is this true? ie if the new company has lost $ 90k this year and assuming an even distribution. Can I deduct the $ 30k of my income tax return in 2008, 2007 and 2006?

Thank you!
-Mr. Tag

1. The minimum wage is one that is relevant to your work. $ 0 is not reasonable. $ 1000000 is not reasonable. There is no magic number that the amount is what you are worth if someone else has hired you for the same period.

2. The lack of profitability does not mean you can reduce your wages. (If you want, set up a partnership.)

3. You can deduct a loss is limited by your cost basis in the s-corp.

4. See # 3. The three-year rule applies to determine if you are really a business or not.