This year I structured my LLC in Tennessee (where I moved) as a multi-member and took a 50%/50% partnership with another individual. We're finally building our clients and making money 😅. We're paying our contractors as vendors, and we're assuming we (the partners) can draw money from the business account at our discretion because from a tax perspective 50% of the business account balance is our individual property right? There are a few questions lingering:
1) Should quarterly estimates come from the LLC under our EIN, or from us individually as partners using our socials?
2) At the end of the year we're both individually responsible to pay taxes on 50% of our revenue right? How do we track joint deductions (fees, subscriptions, payments to contractors.. etc)? Do we just divide each sum in half?
3) If we're using dedicated contractors, should we be employing them? Would there be any benefit to our restructuring our business and employing ourselves?
4) My partner lives in NY and I live in TN. I set up the LLC in TN, but should I consider having it in another state?
ty!
