Owner equity and rent


K

Kurt

I have a small partnership (LLC). The business operates out of a property
that I own. I consider the rent ($300) that I would normally receive as part
of my contribution to the business. How do I record this in SBA? Would it
still show up as an expense of the business on the tax returns?

Also, when I draw money out as a partner, would this deminish the Owner
equity account as well?
 
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A

Allan Martin

Kurt said:
I have a small partnership (LLC). The business operates out of a property
that I own. I consider the rent ($300) that I would normally receive as
part
of my contribution to the business. How do I record this in SBA? Would it
still show up as an expense of the business on the tax returns?

Also, when I draw money out as a partner, would this deminish the Owner
equity account as well?
It's time to talk to your accountant. Yes it would show up as an expense on
the LLC but should also show up as rental income on your schedule E.
 

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