I am a 50% owner in a 2 owner LLC.
1) The LLC paid some expenses (business license, etc) out of the bank account for the LLC. Do these expenses get deducted from the profits before the 50% owner split?
2) Each owner paid some expenses (travel, communications) directly. How do I handle this? Do I deduct all expenses from the profits and then do the 50% owner split or do I deduct my expenses from my share of the profits?
