Question from a new Member in an existing LLC

Hello: I'm becoming a partner in an existing LLC. This company has multiple divisions of this business and my partnership is limited to one division. I have a couple of questions:



1. I will be employee in a company in which I'm also a partner therefore I will be getting a salary. In addition to that I will be getting profits. Question: Do i get a W2 and K-1 at the end of the year or will I only get K-1.



2. As the business is pretty large and I am a partner in only one division I do not have access to business bank account of the LLC. I will be getting my share lets say every month. How do I handle those funds? What kind of bank account do I open? As I will be showing expenses at the end of the year, what would be the best way to handle this profit and expenses. If I open up a separate personal account and do all the transactions will that be advisable? For expenses I wont be getting a company credit card but I will be showing expenses against the profits i receive.



Please let me know if I'm not clear in my questions and I can provide more explanation.



Thanks for the advice in advance.

via Small-Business-Forum.net http://www.small-business-forum.net/accounting-taxes/9648-question-new-member-existing-llc.html