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Tax Law (Questions About Taxes)/Question regarding taxation of LLC


I have a multi-member LLC treated as a partnership. My question is would it be possible for a member to withdraw more than their allocated percentage of profits they pay on come tax time? Is paying taxes on allocated  profits completely separate from an owner withdrawing money from the bank account? Say we bring in $100,000 and I pay taxes on 30% of the profits. Could I theoretically withdraw $35,000 over the period of year without problems?

Thank you

i am not being mean or facetious, but you really do need professional tax advice. There are a whole host of 'gotch ya' and traps for the unweary here that are not easily answered  

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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