Thank you for your response. So that makes sense. The business will be enrolled in EFTPS as a business (not individual) and either me or my partner will access the EFTPS business account to make the payment each quarter...at least that is how I understand your explanation.
We do not have employees so I believe we would report the payments on form K-1 to each of the two partners rather than a W-2.
Since we each will also pay Federal income taxes, we must make estimated quarterly payments as well. That is where I am guessing (and I believe you are confirming) that we would each need to enroll in ETFPS as individuals to make the payment.
As you can imagine for any business, the net profits are likely to differ for each quarter (ok, not necessarily a calendar quarter according to the IRS schedule...and all the more reason why the net profits will differ per IRS "quarter"). Is it ok to calculate the net profit at the end of each quarter and make the 15.3% payment accordingly? (e.g., instead of equal amounts).
