My wife and I started small business as a LLC Jun last year. At the beginning a friend advised us that as LLC member we dont need to make any quarterly estimate and just file our tax at the end of the year. We both work as full time in the business. Last year we didnt make any draw or payment as we didnt make any profit.
This year we have been paying ourselves monthly basis and paid no estimate tax as yet.
My question is, what would happen if we just wait end of the year and report our total income for the year as Guaranteed payment on our tax return?

Thank you in advance