When modeling the free cash flow for a business (LLC), is it right to ignore taxes? As the shareholders will pay income and/or capital gains tax once the profits are distributed (either as a salary for owner/manager or dividends/draw for shareholders), I assume there are no income tax cash flows that affect the LLC. Is that a correct assumption? Thanks for any help.

I.e.: Levered FCF = EBITDA - Net Interest Expense - Change in Working Capital - CapEx - Debt Repayments