Taxes on LLC profits
I have a rental property under a LLC with a business partners(2 partners in a LLC).
How is profit taxed in LLC? Lets say the rental property generates $100 net income every month. In the end of the year if we dont take any money out , pay $1200 as extra payment towards the mortgage, do we still have to pay tax on $1200.
In summary if we dont take out any money from LLC do we have to pay tax or not?