How taxes are paid from a LLC

[Armand P.]

Hello

I live in Bay Area and want to open up an LLC in Missouri with a few partners. My question becomes do the profits from real estate investments go into the LLC account first then get distributed after?

Also, would each member received a K-1 tax return and file individually? Does anyone know what the coverage amount of an LLC is or does it vary from state to state?

Thanks in advance for your help!

Armand