My wife and I recently started a photography business and turned it into an LLC in which we are 50/50 partners. Using quickbooks pro 2014
I have questions regarding owner equity/owner draw. As of now the whole time I have been using owner equity to record all the personal money we put into the business to start it and as I took some money out to kind of pay back that loan or investment I subtracted back from that equity account. We both have an equity and draw account set up in each of our names in QB's by the way. And I have been using my wife's owner draw account to track an pay her for her work.
But as I'm learning and getting everything lined out for taxes I don't think I'm doing this correctly. Please help in anyway you can and try not to be too rough on my as I'm a railroader by trade and not full time businessman. Thanks
I have questions regarding owner equity/owner draw. As of now the whole time I have been using owner equity to record all the personal money we put into the business to start it and as I took some money out to kind of pay back that loan or investment I subtracted back from that equity account. We both have an equity and draw account set up in each of our names in QB's by the way. And I have been using my wife's owner draw account to track an pay her for her work.
But as I'm learning and getting everything lined out for taxes I don't think I'm doing this correctly. Please help in anyway you can and try not to be too rough on my as I'm a railroader by trade and not full time businessman. Thanks
via Small-Business-Forum.net http://www.small-business-forum.net/accounting-taxes/10584-spouse-partnership-llc-equity-draw-questions.html
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