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?
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
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
