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The answer is no.

You are taxed on the taxed income, wether or not it get distributed.

Then when you do decide to take money out, there are no tax implications because that money was already taxed.

Here’s an example. Say your profit for the year was $50K. That 50K of business profit shows up on your personal tax return where the taxes are incurred. During the next year, you take a personal distribution of 20k. You will not be tax on that 20K because it was already taxed.