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Rainflurry
Level 14

Closing out Owner Investment and Distribution at end of year.

@kattqtt 

 

A sole proprietorship (SP) doesn't have distributions, technically.  They have draws.  SPs only need one equity account - Owner's Capital.  Some people use Owner's Equity and some use Owner's Draw/Owner's Contributions.  They all can all be closed to Owner's Capital.      

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