LLC Accounting

At the beginning of the year, a capital account cannot begin with a negative balance, but a partner can have a negative capital account after fully accounting for all their distributed shares of losses and distributions. Read more on certifiedtaxcoach.org Due to its adaptability and simplicity in establishment, limited liability companies (LLCs) are a preferred … Read more

What is a member contribution? Member contributions include any contribution made by or on behalf of the member but does not include employer contributions (eg Super Guarantee or salary sacrifice). A member can only make personal contributions to a superannuation fund if the fund is allowed to accept contributions from that member. Read more on … Read more

Do I need to keep receipts for LLC? The eight small business record keeping rules. Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years. Read … Read more

What is an annual statement for an LLC? An LLC’s annual report is also known as a statement of information since it is designed to provide your state with important details about your business along with any updated information or changes that have occurred since the last filing period. Read more on howtostartanllc.com Owners of … Read more

How are profits calculated in an LLC? By default, an LLC’s profits are allocated in proportion to ownership interests. For example, if two LLC members each own 50 percent of the LLC, half of the profits is allocated to each owner. If an LLC does not specify an alternative method, this is how the company … Read more