USA Parnetship LLC SEP plan

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We are a small LLC consulting company with 2 members (partners), no employees. In the past we have never taken a "guaranteed payment" since we don’t know how our business is going to turn out for the year. At the end of the year we do split the net profit (50% - 50%) on our K1's but leave it in the business to reinvest. It is pretty rare that we take a draw.

We do have regular full time jobs and contribute to our company's 401k. Now we are thinking about starting up a SEP plan as we max out our full time job 401k contributions. I see that you can contribute to a SEP and 401k.

My questions are:

- SEP is based on 25% of your business compensation. Is that 20% off the "Guaranteed Payments”?
- Can our SEP be based on the 50% - 50% net profit split?
- Is it better to do "Guaranteed Payments" and what is the best way to estimate it if you do not know how your year is going to turn out?

Thanks
 

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