Legal ways to take out profit from an LLP ?

H Y (6 Points)

15 May 2024  

Hello, I need some help regarding the payout of an LLP firm,

Me and one friend we have a 50-50 partnership share in a LLP firm and we just want to know how can we take out profits from an LLP firm .

I know about taking out profits in year end after paying LLP taxes, from what i have learned, profits after paying taxes in LLP, are distributed to partners account are non taxable ( correct me if i am wrong)

so i have a couple of questions ..

  1. Apart from partner salary etc which are calculated as expenses in company and taxed in individual person's annual return. Are the other profits are non taxable ?

  2. if we want to take out monthly or quarterly share of profits too , is that possible ?