My wife and I have a two person LLC for a side hustle social media marketing company we have. No employees, just the two of us. In the past, we both put in equal amounts of work and alternated months that we took a guaranteed payment.
Recently, my wife has taken over all the day to day work and we agreed she should get each monthly guaranteed payment because of this.
Do we just start cutting each monthly guaranteed payment check to her and change the amount to reflect this when we file for this tax year or do we have to wait to do this until next tax year?
Do the guaranteed payments have to be equal for both partners or can we determine if just one partner gets the guaranteed payment?
Appreciate any info.
