As a partner in a Partnership, a limited partner in a Limited Partnership or a member in a multiple-member LLC, you can take dollars out of the business as either a distribution of profit or a guaranteed payment. A partner or an LLC multiple member can receive distributions for their pro-rata share of profit without the dollar amounts of these distributions having any impact on their income tax liability. Partners and LLC multiple members can also take dollars out of their business in the form of guaranteed payments for services rendered. And if you have previously loaned the partnership or LLC dollars, you can take dollars out in the form of a repayment of your loan, plus interest.
Source: "Taking Profits Legally--and With Minimal Tax Impact"
