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