USA Multi member LLC YE Equity Adjustments

J

Jason Taylor

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We have a multi member LLC reporting a 1065 tax return. As partners we have been taking out draws throughout the year. Our equity accounts are of course in the negative on the balance sheet. What is the year end adjustment to move the income into the equity accounts. Our profit was more than our combined draws. So each member will show a positive equity amount.

This is the first year for the LLC.
 
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