I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp. So in reality I am the sole member of these 2 LLCs. During startup, I contributed monies to get it going.
Now that my business is profitable, can I withdraw money to offset this initial contribution, without incurring any tax implications?
Thanks.
