This year, I filed form 2553 so that beginning with tax year 2017, my LLC will be taxed as a S-Corp with the IRS. On the form, I put the ownership percentages as me the sole owner. However, since then, another member has joined as a co-owner.
We want to take profit distributions (i.e. owner's draws) this year, which are not subject to payroll taxes, but since he is not currently listed as an owner with the IRS, I don't think we can do that. Is there a way we can still do so?
