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By the time you're dealing in withdrawals of $1 million or more, you're in the category that you need a good lawyer (corporate and tax specialist), and a good accountant. We might be able to offer some generic advice, but they will be able to go over your specific situation with an eye to making sure your tax liability is minimised. They will consider how the withdrawal will affect the total corporate and personal taxes, and the money you pay for their advice will be well spent.
Laws differ from jurisdiction to jurisdiction, so beyond suggesting that withdrawal of contributed capital first might be the cheapest way to get the money (tax-wise), I can't say much more. And even there, I suspect that the banks and suppliers, as well as major customers might have a lot of concerns about increasing your level of leverage that way. Again, that depends on the company, the total contributed capital, your financing methods, restrictions thereon, etc. It might also affect the company's ability to finance operations in the future.
So, like everyone else said... get some good, competent professional help on retainer for decisions of that magnitude. And listen to them. Not any of us who suggest you don't need it.
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The secret to great marksmanship is deciding what the target was AFTER you've shot.
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