Business & farm

1.) Does that mean all income has to be split between the two of us with all money taken out of the LLC account?  No  money ever has to be distributed however the net profit on the return is passed thru to the partners in some % method you agree to.

 

2.) Also when you say “estimated tax payments through the year” do you mean quarterly?   Yes ... the individual partners pay estimated quarterly taxes based on their income tax needs.