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Hello, You can set the company up as a 1065 Partnership Limited Liabilty Corporation and all the income will pass through to the partners. You can choose to either set up a regular payroll system and pay taxes as you go as a normal employee and any remaing income or loss pass through to the partners at year end (reported on a K1), or you can take weekly draws and take care of your individual tax obligations and make quarterty tax payments. You will find a 1065 partnership return and individual returns. Here is a website that explaqins it in more detail http://www.moneyandinvesting.net/2008/02/07/llc-partnership-taxes-1065-and-k-1/ Thank You Tom
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