Hi, I have a discussion. So, I have a new partnership LLC. We started it with a loan for lets say. We bought a property to flip. We bought it for $25,000 and put in $8000 to renovate and sold it for it for $90,000. We put back the loan money ($35,000) and split the profits 3 ways. (Split) $18,3000 to partner 1, $18,000 to partner 2 and $18,000 toward the new LLC bank account. My question is , is the payout done immediately or at the end of the tax quarter? What do you do?
What does the operating agreement say?