As a co-owner of an LLC, you shouldn't be on the payroll. Although, as a commentator noted in that link Chrissy provided, the end-of-the-day difference is usually negligible, and I'm not really sure what remedy IRS would pursue to correct the matter if it came to their attention.
As a side note, by putting yourselves on the payroll, you're incurring some federal and (probably) state-level unemployment taxes to which draws would not be subject.
Instead of taking a $100 paycheck and a $500 draw, you should be taking a $600 draw each week.
You and your partner will each be taxed on your respective shares of the partnership's net profit, regardless of how much you withdraw. The other side of that same coin is that your $600 draws are not taxable income to you, in most common circumstances.
Suppose for example your LLC has a bottom line profit of 70,000 for a particular year. Suppose also that you are a 50% owner of the biz, entitled to half of the profits. In such case you'll report 35,000 on your personal return as income, irrespective of how much cash you withdrew from the company during the year in the form of draws. You would not additionally report any draws as income, though, since they're just considered a payout from the 35K which you're already reporting anyway.
...it was early and I was full of no coffee...