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Hi. Great Question.
It sounds like you are a partnership. You can pay you and your partner a salary. To pay the salary, you will need to withhold payroll taxes and file quarterly/annual federal returns (940/941) & Form 132 for Oregon payroll taxes.
All revenue, wages paid out, and expenses, go on the 1065 form is provided on you and your partners K-1, based on your percentages of ownership.
LLC is a great idea, since it limits your liability, but is less paperwork than an S-Corp.
Good morning. I see your prior expert has opted out. My name is Richard. Do you still need assistance? Thanks.