Hi, I formed a Limited Partnership which I am a 99.5% partner (owner) and would appreciate help in how to set up some of the accounts.
When the Partnership was formed/created, it had no funds so I used my personal funds to pay for fees/expenses and plan to "repay" myself these fees and expenses when the Partnership has its' own funds (money)
s well as any other funds (money) that I contributed / loaned to the Partnership.
My question is, how do I categorize the contributions/loans that I made to the Partnership and plan to repay myself, are they liability, a contribution, or ??????
Thank you in advance for your help.
Bob
When the Partnership was formed/created, it had no funds so I used my personal funds to pay for fees/expenses and plan to "repay" myself these fees and expenses when the Partnership has its' own funds (money)
s well as any other funds (money) that I contributed / loaned to the Partnership.
My question is, how do I categorize the contributions/loans that I made to the Partnership and plan to repay myself, are they liability, a contribution, or ??????
Thank you in advance for your help.
Bob
