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Level 1

Last year of partnership payment/draw



In my business we decided to end a partnership as of December 2019. Per our agreement earlier I was both 70% owner and also provided services to the company because we could not afford to pay the full salary of such service. I provided the services based on the idea the company would pay my bills while it grows and the rest of my full salary would stay in the company to as a load from me. The partnership ended and now we need a to know how do we record the company paying me the balance owed to me? would dividend be better or how? by the way the company is continuing but me as the single member llc. Thanks

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