A friend and I have started an LLC. We'll be doing web/interactive and video services. Since some of these services take longer than others is it ok for the members (my friend and I) to be paid separately per job? Example.. we sell a 10K web/video job... 2K of that is video work (my friend) the other 8k is the web work (myself). Saving 30% of the profits, are we then able to cut checks from the biz account for $1400 to my friend and $5600 for myself?
Disclaimer: I am not a lawyer or an accountant so don't take what I say without checking with one..
I had in mind that you could define what ever you wanted in the Operating Agreement of your LLC. Couldn't you say in there that your compensation/salary will be based on the amount of the work done or something, that would allow for this type of distribution?
That's certainly something to look into.
If you're in the US and you're equal partners, no. You can't just cut a distribution check (they have to be based on the % ownership). You can pay W2 wages though, but you'll then be getting into IRS tax implications.
Disclaimer: I'm not a lawyer or accountant.