LLC guaranteed payments vs owner draw
I'm a member of a two person LLC partnership. For the last 3 years I've been taking money out of the LLC as an owner draw for the services I've performed (software consultant.) On my 1065, I've been showing it as an owner draw. However, from what I've read, it looks like treating it as a guaranteed payment is the right way to do it as distributions should be shared equally along each member's ownership in the LLC. A guaranteed payment is more appropriate for one person being paid for their services.
Does it make sense for me to go back and amend the last 3 years of returns to make the payments guaranteed pymts instead of draws? Or should I just do it from this point forward.
What are the implications of this goof?!! :-)
Thanks in advance,