How do i pay taxes on profits on flips?

[Nirzhar Kar]

I am going to invest on my first flip with a small group of 3 other investors (family/friends). I am wondering how i deal with tax ? Say i make 50k in profits. Do i pay the tax on the 50k and then distribute everyones weighted profit portion or do i distribute everyones profit and then pay tax on my own porition?

Also is starting a LLC a good idea?