In an LLC (one member) how are advances(draws) reported?

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2007-03-24 09:18:41 · 3 answers · asked by dickie 1 in Business & Finance ➔ Small Business

Dickie,

True draws should be booked as a loan to owner (interest holder).

Good luck,
Dana B.

2007-03-24 14:54:33 · answer #1 · answered by planningresult 4 · 0⤊ 0⤋

They are reported as draws, and it shows up on your balance sheet as a company expense.

2007-03-25 12:03:58 · answer #2 · answered by jim_elkins 5 · 0⤊ 0⤋

Wouldn't it be Wages?

2007-03-24 09:35:12 · answer #3 · answered by DPL06351 5 · 0⤊ 1⤋