How do you distribute partnership income?
It would be based on your partnership and or LLC. the agreement that should have been set up before the business started. If not you need to meet and create a partnership agreement that everyone can agree with in regards to profit sharing.
Other MUSTS to put in this agreement:
- How disputes will be settled
- How voting will be settled
- How someone is bought out
- What everyone’s responsibilities are and what happens if they are not fulfilled.
