Cash Draw / Member Pay Deductibility I signed a compensation agreement with the principal member of my multi-member LLC (of which I was the managing member). The principal member then opened a line of credit with the bank and transferred some of those funds to me per the aforementioned agreement.
I understand that I am solely responsible for the taxes on the amount transferred to me (it was basically the same as a cash draw). But is the amount transferred considered a deductible expense for the LLC? |