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? escrow account for partner

Forrister7Forrister7 36 Posts
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One partner in our four-partner LLC has requested that I withold money from her draws so that she has an escrow account for paying her Estimated Taxes every quarter. The Managing Partner told her "no." He offered no explanation. I say she has every right to have money witheld and should pursue the issue. What, if any, are the legal issues involved? Can anyone offer any advice or guidance?
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  • PorkPork 1,271 Posts
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    IF THE MANAGING PARTNER SAID "NO" THEN I SUGGEST YOU LEAVE IT ALONE. THESE TWO PARTNERS SHOULD WORK OUT THEIR ISSUES AND LET YOU KNOW HOW THEY WANT PAYROLLED HANDLED. Now, if the managing partner says yes, then you need to research state laws and set up a savings plan for everyone in the company to be used as they choose. I suggest you use a local "Credit Union" that would be happen to assit you to set up a plan which will not only take care of the partner's need for saving money to pay his quarterly income taxes. This would allow you to retain his money after W/Hs and move it to the credit union savings account where it would also draw interest and allow the partner to with draw as he sees fit. Good Luck, Pork
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