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https://www.thebalancesmb.com/llc-member-capital-contributions-398638
Each LLC owner pays income tax on their percentage of the net income (profit/loss) for the business for the year, not on what they take out of the business (distributions). For example, if a partnership with two partners has a net income is $150,000 for the year and each partner took out $50,000, the partners are each taxed for $75,000 (their share of the net income), not on the $50,000 …
https://www.citigroup.com/citi/citizen/community/data/guide6_eng.pdf
Limited Liability Company (LLC) Unlimited number of members Limited liability Articles of Organization Operating Agreement Business not taxed. Profits and losses are passed through to owners. Established by the Operating Agreement For purposes of this Guide, the focus will be Sole Proprietorships, Partnerships, and Limited Liability Companies ...
https://www.compasspoint.org/sites/default/files/documents/Guide%20to%20Fiscal%20Policies%20and%20%20Procedures.pdf
You only need to implement policies that make sense for your nonprofit, given the nature of your operations and extent of your resources available for financial systems. Start with the areas that present the most potential risk or confusion to the organization.
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