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jesstillery
Level 1

Single Member LLC purchased commercial rental investment with an outside investment partner

My client is a set up as a single member LLC - he partnered with someone on the purchase of a commercial property/rental and each investor brought his own funds to closing, how do I record the outside partner's contribution to this purchase for the journal since my client is not set up as a partnership? 

2 Comments 2
Rustler
Level 15

Single Member LLC purchased commercial rental investment with an outside investment partner

The SMLLC needs to show a withdrawal and use owner equity drawing as the reason for the payment.

The investment can not show in the SMLLC since they have a partnership. They need to form a partnership or an s-corporation to handle the investment, annual depreciation, expenses, and rental income

jesstillery
Level 1

Single Member LLC purchased commercial rental investment with an outside investment partner

Thank you for your help!

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