Joined: 23 Feb 2011 Location: United States
Online Status: Offline Posts: 4
Posted: 25 Feb 2011 at 11:43 | IP Logged
I have a new bookkeeping client that is set up as an LLC. There are two owners who have agreed to share p/l 50/50. One partner puts in all of the cash and the other partner provides expertise and is going to be the one actually running the business. My question is how do I account for her equity? How can I book this in Quickbooks? I was thinking to estimate what a salary would be for her and use that number, but I think that may have some tax implications. I want something that will minimize any tax exposure if possible. Please help.
__________________ Joseph Weber
Professional Bookkeeper and Tax Preparer
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Topic: Sweat Equity Calculation and Booking
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