Hi @jimwalter23 !
Thanks for participating in our Ask the Experts Event! I'm happy to help you today.
The distribution of any net profits from the LLC will not be a taxable event. Let's say that you are a partner in a multi-member LLC. In this case, the entry for the distribution would be a Debit to the partner's distribution account, and a Credit to the bank account from which the money is being distributed. There is nothing in this transaction that would cause any earnings to be taxed twice.
I hope this information is helpful, but please reply back if you have any follow-up questions. Thank you, @jimwalter23!
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