Business & farm

NOPE ... if you are a multi member LLC who has NOT made the S-Corp election then you MUST file a 1065 and the profit passed thru is subject to SE taxes.  It is too late to make any changes for the 2020 tax year. 

 

If you want to take some as draws and some as a paycheck subject to payroll tax withholding/reporting then you will have to properly make the election timely.  OR you close the partnership and open again as a C-Corp. 

 

 I think you really need to talk to a local tax professional to get educated in all the options and the pros and cons of each.