LLC operating as partnership -SEP questions



In a two member LLC (setup as a partnership for tax purposes), I would
like to set up a retirement for each of the two members and would like
some general guidance. I am reading publication 560 (retirement plans
fro small business) and have the following questions:

1)do the individual members set up the plan or is it done by the LLC
entity ?

2)looks like I have missed the deadline for this year (Oct. 1) does this
seem right ?

3)the limits on the deduction (for each member) is the lower of the
contributions or 25% of the compensation. Is the compensation made up of
"guaranteed payments" plus distributions of profits to the members?

4)who makes the contributions check for the SEP account, i.e.. the llc
or the individual members from their personal accounts ?

any help that would send me in the right direction for further
thinking/talking with a tax advisor would be appreciated.



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