We have a construction business, small at this time. We just brought on someone else and added them to our LLC as a member. He will carry an electrical license and will be responsible for electrical jobs. My husband will be responsible for flooring jobs. I handle all the paperwork, book keeping. Our operating agreement is to leave 15% of the total from each job in the business (monthly QB fees, license, insurance), both my husband and the new guy get paid (Take a draw) the full amount for what ever job they do minus the 15% and any transaction fees. I will take a draw of $300 per month for my book keeping duties.
My question is taxes. It wouldn't be fair to do a percentage of 50/50 (me and my husband) if the other guy pulled in more income and say my husband did not or if it went the other way, where my husband pulled in more income. Anyone have a way of doing this? Maybe adjust the percentage by year?
This year will be new for me, since it's just been me and my husband doing the business and we have to get a K-1 generated and I usually use TurboTax, so not sure how to get that generated.
